Refer to Table 16.2. Real GDP for Fredonia for 2016 using 2015 as the base year equals
A) $2,750.
B) $3,500.
C) $4,325.
D) $5,500.
C
You might also like to view...
What is the difference between nominal variables and real variables? Discuss the calculations undertaken to determine the real wage rate and the real interest rate. Explain why the real wage rate and real interest rate are real variables
What will be an ideal response?
A technology may be considered inappropriate if it
a. uses a lot of capital b. produces a product that few people want c. has a capital-labor ratio that exceeds the rental-wage ratio d. has a capital-labor ratio less than the rental-wage ratio e. none of the above
Suppose the federal funds rate is 5 percent. If the Fed decides to decrease the target for the federal funds rate from 5 percent to 4 percent, it could take:
A. a defensive action and raise reserve requirements. B. an offensive action and reduce reserve requirements. C. an offensive action and raise reserve requirements. D. a defensive action and reduce reserve requirements.
A jurisdictional dispute is a
A) strike by a union in sympathy with another union's strike or cause. B) dispute involving two or more unions over which should have control of a particular jurisdiction. C) business enterprise in which employees must belong to the union before they can be hired and must remain in the union after they are hired. D) legal environment in which businesses may hire nonunion members conditional on their joining the union by some specified date after employment begins.