In a given year, U.S. nominal GDP was $2,784 billion and the GDP chain price index for that year is 60.4. Real GDP is:
A. $1,682 billion.
B. $4,609 billion.
C. $3,889 billion.
D. $4,000 billion.
Answer: B
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Country A's income per capita is higher than that of Country B. Country A is likely to have ________
A) a higher life expectancy at birth B) a lower life expectancy at birth C) a higher exchange rate D) a higher unemployment rate
In perfect competition, marginal revenue
A) increases as more is sold. B) decreases as more is sold. C) is equal to the market price. D) is zero. E) is always greater than marginal cost.
The quantity of money in an economy is $9 million, and the velocity of circulation is 3. Nominal GDP in this economy is ________
A) $6 million B) $9 million C) $3 million D) $27 million
The law of diminishing marginal utility states that marginal utility must diminish after the first unit of consumption of every good or service
a. True b. False Indicate whether the statement is true or false