Assume an economy produces only footballs and baseballs and the base year is 2005. Quantity producedPrices 2005200620052006Footballs200300$20$25Baseballs500600$10$15Given the data in the table above, what is the value of nominal GDP in 2006?
A. $10,000
B. $16,500
C. $12,000
D. $12,500
Answer: B
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The debt-to-GDP ratio increases when the primary deficit ________ or when seigniorage ________
A) increases; increases B) increases; decreases C) decreases; increases D) decreases; decreases
In the long-run, profits will exist for firms in monopolistically competitive firms but not monopoly
Indicate whether the statement is true or false
Produced goods used as inputs for the production of other goods comprise the resource known as
A) natural resources. B) services. C) capital. D) entrepreneurship.
In a standard highest sealed-bid auction, a bidder's best strategy:
A. requires the bidder to understand game theory to bid properly. B. is to bid slightly more than what he or she expects the second highest bidder to bid. C. is to bid what he or she would be willing to pay. D. always ensures that the person who wants it the most will get the bid.