The value of real GDP in the current year equals
A) the value of current-year output in prices of the base year.
B) the value of current-year output in prices of the current year.
C) the value of base-year output in prices of the base year.
D) the value of base-year output in prices of the current year.
A
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If bonds with different maturities are perfect substitutes, then the ________ on these bonds must be equal
A) expected return B) surprise return C) surplus return D) excess return
Which of the following cases violates the property of transitivity?
A. A > B, B > C, A > C. B. A ~ B, B ~ C, A ~ C. C. A > B, B > C, C > A. D. None of the statements violates the transitivity property.
Jane is a student at a university. She pays $10,000 per year in tuition, $4,000 per year in living expenses, and $800 per year for books. Were she not in school, she could earn $20,000 per year working as a bookkeeper and she would not live with her parents. What is her economic cost of a year in college?
A. $10,000 B. $13,000 C. $30,800 D. $34,800
The Norwegian economy can be characterized by Equation 24.3.EQUATION 24.3:C = 100 + 0.8Yd G = 500T = 200I = 200Refer to Equation 24.3. The equilibrium level of output for the Norwegian economy is
A. 2,850. B. 3,200. C. 4,000. D. 4,800.