The base year refers to the year whose:

A. prices are used to calculate real GDP for all years.
B. levels of output are used to calculate the real GDP for all years.
C. prices are used to calculate nominal GDP for all years.
D. levels of output are used to calculate the nominal GDP for all years.


A. prices are used to calculate real GDP for all years.

Economics

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On a diagram of a production possibilities frontier, opportunity cost is represented by the slope of the production possibilities frontier

Indicate whether the statement is true or false

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What is the core of a negotiation involving many parties?

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The manager of Greene Enterprises, Inc., recently estimated its average variable cost (AVC) function to beAVC = 88 - 0.026Q + 0.000003Q2Greene Enterprises faces total fixed costs (TFC) of $300,000. When Greene's output is 2,000 units, what is total cost (TC)?

A. $396,000 B. $846,000 C. $144,000 D. $444,000 E. $642,000

Economics

The payment to the author, usually expressed as a percentage of sales to bookstores, is called

A. the annuity. B. a payoff. C. a royalty. D. the admiralty.

Economics