The base year is 2011. A country only produces Blu-ray players. The price of a Blu-ray player in 2011 was $100. The price of a Blu-ray player was $90 in 2012
The quantity of Blu-ray players produced in 2011 was 10,000 units and in 2012 was 10,500 units. Nominal GDP in 2012 equals
A) $945,000.
B) $1,000,000.
C) $1,050,000.
D) $900,000.
E) an amount that cannot be determined without information about nominal GDP in 2008.
A
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Economists call a game that is played more than once:
A. cooperative price play. B. a repeated game. C. collusion. D. a commitment strategy.
Exhibit 2-16 Production possibilities curve
From the information in Exhibit 2-16, which of the following points on the production possibilities curve are attainable with the resources and technology currently available?
A. A, B, C, E B. A, B, C, D, W C. E, U, W D. A, B, C, D, U
In the late 1990s, Thailand, Malaysia, and Indonesia all experienced sharp declines in the value of their currencies; this resulted in economic instability and crisis. The collapse in the values of their currencies undermined their development by:
A. decreasing political instability. B. decreasing population growth. C. increasing corruption. D. reducing investment.
Government expenditures includes all of the following except
A) federal defense spending. B) federal nondefense spending. C) state and local spending. D) transfers.