In 2012, which of the following countries had the highest share of consumption spending in GDP?
A) the United States B) France C) Germany D) China
A
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When total costs are greater than total revenue,
A) fixed costs must be high. B) a firm is suffering losses. C) a firm should shut down immediately. D) the firm must be producing on the elastic range of its demand curve.
Refer to Table 19-12. Consider the following data on nominal GDP and real GDP (values are in billions of dollars): The base year used in calculating real GDP is
A) 2013. B) 2014. C) 2015. D) 2016.
In the classical system, the quantity of money
a. determines the price level and, for a given real income, the level of nominal income. b. does not affect the equilibrium values of output, employment, and the interest rate. c. affects the equilibrium values of output, employment, and the interest rate. d. Both a and b e. Both a and c
Although he is very poor, Al plays the million-dollar lottery everyday because he is certain that one day he will win. Al makes this calculation based upon
A) the frequency of past outcomes. B) subjective probability. C) knowledge of all possible outcomes. D) tossing a coin.