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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Government expenditures includes all of the following except
A) federal defense spending. B) federal nondefense spending. C) state and local spending. D) transfers.
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.