________ purchasing power parity states that a bundle of tradable products will have the same cost in different countries if the cost is stated in the same currency.
A. Full
B. Relative
C. Absolute
D. Partial
Answer: C
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Suppose that nominal GDP in 2016 was less than real GDP in 2016. Given this information, we know for certain that
A) real GDP in 2016 was greater than real GDP in the base year. B) the price level in 2016 was less than the price level in the base year. C) real GDP in 2016 was less than real GDP in the base year. D) the price level in 2016 was greater than the price level in the base year.
Government outlays
a. are the same as "G" in the short-run macro model. b. do not include transfer payments. c. are always smaller than government purchases. d. are always greater than government purchases. e. tend to decline in the long run.
If the demand for a good is price inelastic, a tax on it will
a. raise price, raise tax revenue, shift the supply curve to the right b. lower price, lower tax revenue, shift the supply curve to the right c. raise price, raise tax revenue, shift the supply curve to the right d. raise price, raise tax revenue, shift the supply curve to the left e. lower price, raise tax revenue, shift the demand curve to the left
Aneta has owned an Italian sports car for several years and now she wants to sell it. She paid $8,500 for it in 1993 and she has just sold it for $39,000 in 2015 . How is this sale included in the GDP for 2015?
a. $8,500 is included in 2015 GDP b. $39,000 is included in 2015 GDP c. The increase in value of $10,500 is included in 2015 GDP d. It is not included in 2015 GDP