Real GDP is GDP in a given year
A) valued in the prices of the base year. B) valued in the prices of that year.
C) adjusted only for unanticipated inflation. D) adjusted only for anticipated inflation.
A
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Suppose that firms are located in a circle on an island. You are given transportation costs, fixed costs, variable costs, and demand (assume that customers are spread evenly along the circle). If the distance around the island is 50 miles and there are two restaurants equally spaced on the island and each of 100 people are equally spaced around the island and eat a meal a day at a restaurant, what will be the average distance traveled to and from restaurants in a day's time?
A. 50 miles B. 125 miles C. 25 miles D. 12.5 miles
A barter economy is one in which:
A. money serves as a medium of exchange. B. only precious metals are accepted as money. C. goods are traded directly for other goods. D. paper money is backed by gold.
In the Humana Hospital case study, the hospital, before reorganization, devoted only ________ of each health care dollar spent on direct patient care.
A. $0.5 B. $0.6 C. $0.16 D. $0.35
The most threatening and damaging detrimental externality at issue today is:
a. The explosion and oil spill at the Deepwater Horizon b. the continued pollution of city air due to factory emissions c. water shortages d. global warming