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.

Economics

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a. True b. False Indicate whether the statement is true or false

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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.

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Which firm did the Treasury allow to fail during the financial crisis?

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