Table 7.1GDP Nominal GDP(in billions of dollars)GDP deflatorCPI2002S6,992.4106.2151.620037,431.6109.1153.820047,843.2112.3157.8Based on Table 7.1, the rate of inflation between 2003 and 2004, using the GDP deflator, was
A. 4.1 percent.
B. 6.2 percent.
C. 2.4 percent.
D. 2.9 percent.
Answer: D
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In the long run in monopolistic competition, firms earn zero economic profit
a. True b. False
Diminishing marginal utility means that: a. marginal utility is maximized when consumers get the same amount of total utility from every good they consume. b. beyond some point, added units of a product provide lower and lower amounts of marginal utility
c. a consumer would get more utility from the last unit of a good consumed when that good costs $3 than when it costs $1. d. both (b) and (c) are true.
Trevor and Lynda bought a home in 2013 for $185,000 with a 20% down payment. Their mortgage payments were only applied to interest on the mortgage balance. In 2017, the couple sold their home for $148,000. What was the value of their equity?
a. 0 b. $37,000 c. $11,100 d. $18,500
Given the above graph, as you move from input combination A to input combination C,
A. output is unchanged. B. cost is unchanged. C. the marginal rate of technical substitution increases. D. both a and b E. all of the above