The GDP deflator is the
A) difference between real GDP and nominal GDP multiplied by 100.
B) difference between nominal GDP and real GDP divided by 100.
C) ratio of real GDP to nominal GDP multiplied by 100.
D) ratio of nominal GDP to real GDP multiplied by 100.
Answer: D
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Aluminum cannot be produced without bauxite. Hence, the price elasticity of demand for bauxite by aluminum manufacturers will be
A) perfectly elastic. B) elastic. C) inelastic. D) unitary elastic.
A small town in West Texas has one gas station. If the price of oil increases, the price of gas that the station charges will most likely a. increase
b. decrease. c. remains the same. d. may increase or decrease.
Long-run economic growth policies focus on:
A. Shifting the aggregate demand curve to the left. B. Moving the economy along the production possibilities curve. C. Shifting the production possibilities curve outward. D. Moving the economy onto the production possibilities curve.
“The relative scarcity of resources makes the operation of any economy a matter of choosing between alternatives.” Explain
Please provide the best answer for the statement.