If the nominal gross domestic product (GDP) for a particular year is $4 trillion and the real GDP for that year is $3 trillion, then the GDP price index is 133
a. True
b. False
Indicate whether the statement is true or false
True
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To increase its profit, a perfectly competitive firm will produce more output when
A) price is greater than average fixed cost. B) price is greater than marginal cost. C) marginal cost is less than average total cost. D) average variable cost is greater than average fixed cost. E) price is greater than average variable cost.
If demand rises and supply rises, equilibrium price will _____ and equilibrium quantity will _____.
Fill in the blank(s) with the appropriate word(s).
A small business owner earns $60,000 in revenue annually. The explicit annual costs equal $10,000. The owner could work for someone else and earn $25,000 annually. The owner's accounting profit is ________ and owner's economic profit is ________
A) $20,000; $5,000 B) $50,000; $25,000 C) $25,000; -$5,000 D) $45,000; -$5,000
We can derive the market demand curve for gold earrings
A) only if the tastes of all gold earring consumers are similar. B) by adding horizontally the individual demand curves of each gold earring consumer. C) by adding vertically the quantity demanded of each gold earring consumed at each price. D) by adding the prices each gold earring consumer is willing to pay for each quantity.