Suppose in a given year, GDP was $7,242 billion and the GDP chain price index for that year is 117.5 . Real GDP is:
a. $5,488 billion.
b. $6,163 billion.
c. $6,740 billion.
d. $7,789 billion.
b
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The World Bank will primarily make
A) short-term loans for investment projects that are relatively safe. B) long-term loans for investment projects that are relatively risky. C) short-term loans for investment projects which might not receive private financial support. D) long-term in nature for investment projects which might not receive private financial support.
Which of the following correctly identifies characteristics of land and capital?
A) Land and capital can both be rented and owned. B) Land is rented, whereas capital is owned. C) Land can be owned or rented, whereas capital can only be owned by a firm. D) Capital can be owned or rented by a firm, whereas land can only be owned by a firm.
Minimum efficient scale is defined as the level of output at which
A) the firm's long-run average total cost starts falling. B) all economies of scale are exhausted. C) the maximum output is produced. D) diminishing returns affect average total cost.
To compute the present value of a future value, you must know the ________ and the ________.
A. interest rate; time period B. compounding interest; time period C. interest rate; compounding interest D. None of these statements is true.