Refer to the above table. Real GDP in 2020 is
A. 103.1.
B. 824.8.
C. 775.9.
D. 128.9.
Answer: C
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The American manufacturers of Pet milk unknowingly introduced their product in French-speaking markets without realizing that the word pet in French means "to break wind." Likewise, the English-speaking representative of a U.S. soft-drink manufacturer naively drew laughs from Mexican customers when she offered free samples of Fresca soda pop, because in Mexican slang the word fresca means "lesbian." These are examples of ________.
Which of the following is a Nobel Prize winning economist who argued that theories should be tested based on the validity of their predictions?
A) Milton Friedman. B) Ben Bernanke. C) Alan Greenspan. D) Larry Summers.
If the firm shown in the table changes the quantity it produces to 7, what would be the result?
a. The company would take a loss.
b. The company would make a slight profit.
c. The company would break even.
d. The company would make a large profit.
Compared to a perfectly competitive firm, the demand curve facing a monopolistically competitive firm is
A) more elastic because there are many close substitutes for the product of a monopolistically competitive firm. B) less elastic because monopolistically competitive firms produce similar, but not identical, products. C) just as elastic because there are many sellers in both markets. D) more elastic because in the long run, the demand curve is tangent to the firm's average total cost curve.