Nominal GDP is defined as the:
A. Value of output in current dollars.
B. Dollar value of services but not goods.
C. Output produced by domestically owned factors of production regardless of where the factors are located.
D. Value of output in constant prices.
A. Value of output in current dollars.
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If a nation's real GDP increases from 100 billion to 106 billion and its population jumps from 200 million to 212 million, its real GDP per capita will
A. fall by 6%. B. remain constant. C. fall by 12%. D. rise by 6%.
Refer to Figure 4.6, which shows David's and Celeste's individual supply curves for flower arrangements per week. Assuming David and Celeste are the only producers in the market, what is the market quantity supplied at a price of $20?
A) 0 B) 100 C) 150 D) 200
As a "central bank," which of the following is TRUE regarding the Fed?
I. The Fed is a public authority that regulates the nation's banks. II. The Fed is not allowed to provide services to commercial banks like Citibank. III. The Fed is required to provide banking services to private citizens. A) I B) II C) I and II D) I and III
Suppose a consumer has an income of $800 per month and that she spends her entire income each month on beer and bratwurst. The price of a pint of beer is $5, and the price of a bratwurst is $4 . Which of the following combinations of beers and bratwursts represents a point that would lie to the interior of the consumer's budget constraint?
a. 160 beers and 200 bratwursts b. 40 beers and 50 bratwursts c. 80 beers and 100 bratwursts d. 160 beers and 0 bratwursts