If the price level is 100 for 2005 and the price level is 106.5 in 2007, a nominal GDP in 2007 of $15,600 billion would mean that real GDP in 2007 (in 2005 prices) would be closest to
A. $14,751.3 billion.
B. $13,971.2 billion.
C. $14,647.9 billion.
D. $15,600.0 billion.
Answer: C
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The above table has the marginal product schedule for Nick's Dry Cleaners, a perfectly competitive dry cleaning firm
a) If the price to dry clean a blouse is $8 each, complete the last column of the table. b) If Nick can hire workers at the going wage rate of $16 an hour, how many workers does Nick hire?
If productivity is growing at some sustained rate g, then output and capital per worker ________
A) are growing at the same rate g, in a stable steady state B) are growing faster than g, because improving technology encourages a higher rate of saving and investment C) are growing slower than g, because some of the new capital is merely replacing obsolete capital D) are growing faster than g, because productivity does not suffer from diminishing marginal product
Refer to the graph shown, which shows an oligopolist facing a kinked demand curve. The firm will not increase price when marginal costs fluctuate between which two points?
A. a and b B. b and c C. c and d D. a and d
Which of the following statements is correct regarding the lags in fiscal and monetary policy?
A. The inside lag is the time needed for monetary policy to be effective while the outside lag is the time needed for fiscal policy to be effective. B. The outside lag is the time needed for monetary policy to be effective while the inside lag is the time needed for fiscal policy to be effective. C. The lag for monetary policy is shorter than the lag for fiscal policy. D. The lag for fiscal policy is shorter than the lag for monetary policy.