In a particular year, if the real GDP of Country Y is $400,000 and the nominal GDP of Country Y is $450,000, the GDP deflator is ________
A) 115 B) 112.5 C) 102 D) 0.17
B
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Because Product X has a very small, positive income elasticity of demand, it is likely that product X is a
A) luxury. B) necessity. C) product with many good substitutes. D) product with many good complements.
If the production of a good causes pollution (an external cost) is the unregulated competitive market equilibrium of that product efficient?
What will be an ideal response?
Refer to Figure 4-5. The figure above represents the market for pecans. Assume that this is a competitive market. If the price of pecans is $3
A) economic surplus is maximized. B) the quantity supplied is economically efficient but the quantity demanded is economically inefficient. C) not enough consumers want to buy pecans. D) the quantity supplied is less than the economically efficient quantity.
Keynes believed the government should
a. control wages and prices to ensure full employment. b. ensure that workers earned high wages and full employment. c. ensure that aggregate demand was high enough to ensure full employment. d. ensure aggregate demand was high enough to control the economy.