If the base year is 2010, the nominal GDP for 2015 is $12,800.5 billion, and the GDP deflater for 2015 is 102.3, what is the real GDP for 2015 compared to 2010?
a. $126,982 million
b. $12,512.7 billion
c. $13,094.4 billion
d. $1,269,820 trillion
b. $12,512.7 billion
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In the figure above, the demand is elastic in the range of prices between
A) $3.50 and $4.50 per cup B) $2.50 and $3.50 per cup C) $1.00 and $2.00 per cup D) $2.00 and $4.00 per cup E) $1.75 and $2.75 per cup
Which of the following is correct? The supply curve will shift when
A) income, preferences, or the number of suppliers change. B) income, preferences, or the number of buyers change. C) income, preferences, or production technology changes. D) the number of sellers and the number of buyers change. E) production technology and input prices change.
A concert-goer who had been willing to pay up to $150 for a ticket, but who pays a scalper $125 for one, experiences a consumer surplus of $25
Indicate whether the statement is true or false
To maximize profits, the monopolist should produce at which
A. total revenue is maximized. B. MC intersects the demand curve. C. total costs are minimized. D. MR = MC.