If this year the price level is 135 and last year it was 125, the inflation rate is
A) 8 percent.
B) 10 percent.
C) 12 percent.
D) none of the above.
A
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Based on the data in Table 3.1
A) Jesse should specialize in both goods. B) Jesse should specialize in painting kites and trade for snowboards. C) Jesse should specialize in painting snowboards and trade for kites. D) April should specialize in both goods.
Often, when no player has a dominant strategy
A) there is a dominated strategy. B) there is a chance for circular reasoning. C) then another player is needed. D) then there is a competitive market.
A mobile phone is a
a. private good. b. club good. c. common resource. d. public good.
If in some year nominal GDP was $20 billion and the GDP deflator was 50, what was real GDP?
a. $2.5 billion. b. $10 billion. c. $40 billion. d. $100 billion.