If the GDP chain price index in a given year is less than 100, real GDP in that year would be greater than nominal GDP
a. True
b. False
Indicate whether the statement is true or false
True
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If the income elasticity for chocolate chip cookies is 1.84, then chocolate chip cookies are
A) a normal good and income inelastic. B) a normal good and income elastic. C) an inferior good and income inelastic. D) an inferior good and income elastic.
Please define and give an example of sterilized foreign exchange intervention
What will be an ideal response?
One of the Ten Principles of Economics in Chapter 1 is that people face tradeoffs. The growth that arises from capital accumulation is not a free lunch. It requires that society
a. conserve resources for future generations. b. sacrifice consumption goods and services now in order to enjoy more consumption in the future. c. recycle resources so that future generations can produce goods and services with the accumulated capital. d. None of the above is correct.
Suppose you would have to pay Troy at least $12 to get him to part with his new water bottle. Loss aversion implies that if Troy had not yet purchased the water bottle, he would:
A. be willing to pay exactly $12 to buy it. B. no longer be interested in buying it. C. be willing to pay less than $12 to buy it. D. be willing to pay more than $12 to buy it.