Nominal GDP divided by the GDP deflator and multiplied by 100 is
a. demand-pull GDP
b. deflated GDP
c. price-deflated GDP
d. nominal-adjusted GDP
e. real GDP
E
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Suppose that the total production of an economy consists of 10 oranges and 5 candy bars, each orange sells for $0.20, and each candy bar sells for $1.00. What is the market value of production in this economy?
A. $7.00 B. $1.20 C. $2.00 D. $5.00
The consumption function shows which of the following relationships in the economy?
a. The relation between consumption and saving, other things constant b. The relation between consumption and income, other things constant c. The relation between disposable income and taxes, other things constant d. The relation between saving and expenditure, other things constant
Related to the Economics in Practice on page 10: Prior to joining a fraternity, James spent most of his evenings and weekends studying for his classes. Once he joined the fraternity, James spent a majority of his evenings and weekends going to parties. This change in behavior is best described by
A. the problem of causality. B. the ceteris paribus error. C. the fallacy of logic. D. the post hoc ergo propter hoc fallacy.
Answer the following statements true (T) or false (F)
1) Refer to the given data. In 2008 Transylvania realized a $1 billion surplus on goods and services.
2) Refer to the given data. In 2008 Transylvania was a net recipient of transfers from the rest of the world.
3) Refer to the given data. Foreigners made a larger volume of asset purchases in Transylvania in 2008 than Transylvanians made asset purchases abroad.
4) Refer to the given data. Transylvania realized a financial and capital account deficit in 2008.
5) R