In year one, the GDP deflator is 100 and in year two 110. If nominal GDP in year two is $300 billion, what is real GDP for year two?
A) $200 billion.
B) $100 billion.
C) $272.73 billion.
D) $220 billion.
C
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Growth in real GDP per capita has:
A. been more rapid since the mid-nineteenth century than ever before. B. slowed since the mid-nineteenth century compared to before. C. increased over the last 150 years only in the United States and Canada. D. been steady over the course of human history.
Other things constant, if tuition at a private university rises from $40,000 to $45,000 and revenue for the university decreases, the demand for the good must be
A) increasing. B) inelastic. C) unit elastic. D) elastic.
Ed Van Zaig is considering opening a sushi bar. To do so, he would have to quit his current job, which pays $20,000 a year, and use a building that he owns and currently rents to his brother for $6,000 a year. His costs at the sushi bar would be $50,000 for food and $2,000 for gas and electricity. What are his implicit costs?
a. $26,000 b. $66,000 c. $78,000 d. $52,000 e. $72,000
Entry fees at national parks and monuments are an example of:
A. the ability-to-pay principle of taxation. B. the benefits-received principle of taxation. C. government bureaucracy and inefficiency. D. the principle of limited and bundled choice.