Answer the question on the basis of the following information: year nominal GDP price index 1 550 140 2 560 135 3 576 125 4 586 117 5 604 108 In the economy above, real GDP for year 3 is:
a) $512.
b) $428.
c) $480.
d) $691.
c) $480.
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What happens in the long run if firms in a monopolistically competitive industry are incurring economic losses? Explain
What will be an ideal response?
Which firm did the Treasury allow to fail during the financial crisis?
A) J.P. Morgan B) Bear Stearns C) Lehman Brothers D) American International Group (AIG)
If rational expectations are assumed, inflation can be reduced with no corresponding increase in unemployment
a. True b. False Indicate whether the statement is true or false
Using supply and demand analysis, which of the following is true?
A. The burden of a tax on production cannot be determined on the basis of who actually pays the tax. B. The burden of a tax on production is always split evenly between consumers and sellers. C. Consumers bear the entire burden of a per unit tax on production. D. Sellers bear the entire burden of a per unit tax on production.