Nation A's real GDP was $520 billion in 2013 and $550 billion in 2014. Its population was 150 million in 2013 and 155 million in 2014. On the other hand, Nation B's real GDP was $200 billion in 2013 and $210 billion in 2014; and its population was 53 million in 2013 and 55 million in 2014. Which of the following statements is true?
A. Nation A's real GDP growth in 2014 is higher than Nation B's
B. Nation B's real GDP growth in 2014 is higher than Nation A's
C. Nation A's real GDP growth in 2014 is identical to Nation B's
D. Nation A's and Nation B's real GDP growth rates in 2014 are both higher than 10%
A. Nation A's real GDP growth in 2014 is higher than Nation B's
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Suppose Larry, Moe, and Curly are bidding in an auction for a mint-condition video of Charlie Chaplin's first movie. Each has in mind a maximum amount that he will bid. This maximum is called
a. a resistance price. b. willingness to pay. c. consumer surplus. d. producer surplus.
Suppose the country of Mankiwland has a new king, King Gregory. For the purpose of efficiency King Gregory's chief economic advisor would encourage him to design his country's tax system to minimize (i) deadweight losses from taxes. (ii) administrative burdens from taxes. (iii) the tax payments themselves. (iv) government expenditures to correct for market failures
a. (i) only b. (i) and (ii) only c. (iii) and (iv) only d. (i), (ii), (iii), and (iv)
Conceptually, a country's GDP equals the:
A. difference between the value of its final output and the value of the intermediate goods used to produce that output. B. sum of the value added at all stages of production. C. sum of the value of its final output and the value of the intermediate goods used to produce that output. D. sum of the value of all the intermediate goods used to produce final output.
If the taste for a good increases, the
A. demand curve will shift to the left. B. supply curve will shift to the left. C. supply curve will shift to the right. D. demand curve will shift to the right.