The implicit price deflator is given by the formula
A. nominal GDP in current period ÷ nominal GDP in base period.
B. nominal GDP in current period ÷ real GDP in base period.
C. nominal GDP ÷ real GDP.
D. real GDP ÷ nominal GDP.
Ans: C. nominal GDP ÷ real GDP.
You might also like to view...
Scott owns a law-enforcement training operation in Boise, Idaho. He employs three trainers. The last trainer Scott hired increased Scott's total cost by $466 per week even though the trainer brought in only one new client. Hence Scott's
A) total variable cost equals $466. B) marginal cost of the last client equals $466. C) marginal cost of the last worker equals $233. D) total variable cost equals $233. E) total fixed cost of the last client equals $466.
Refer to Table 18-1. Suppose a series of votes are taken in which each pair of alternatives is considered in turn. The first pair considered is between subsidies for education and research on Alzheimer's
The second pair considered is between Alzheimer's research and increased border security. The third pair considered is between education subsidies and increased border security. In this case, the collective preferences of the voters A) turn out to be transitive and will yield a consistent outcome. B) turn out not to be transitive but will yield a consistent outcome. C) turn out not to be transitive and will not result in a consistent outcome. D) turn out to be transitive but will not result in a consistent outcome.
A nation with an official settlements balance of $50 billion is likely to experience a:
A) balance of payments surplus and accumulate $50 billion in international reserves B) balance of payments deficit and accumulate $50 billion in international reserves C) balance of payments surplus and a decline of $50 billion in international reserves D) balance of payments deficit and a decline of $50 billion in international reserves
Suppose a plaintiff hires a lawyer to represent her in a court case. To which of the following contracts would a highly risk-averse plaintiff agree?
A) The lawyer is paid by the hour. B) The lawyer receives a share of the settlement. C) The lawyer receives a fixed fee. D) The lawyer pays the client a fee for the right to the entire settlement.