Use the following table to answer the next question.Year123456Price Index10095105125125120Nominal GDP rises faster than real GDP between years ________.
A. 2 and 4
B. 5 and 6
C. 1 and 2
D. 4 and 5
Answer: A
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To help pay for the cost of sport related injuries, the government imposes a tax on sellers of all sports equipment. The sports equipment consumers' share of this tax would be greater than that shown in the above figure
A) only if the demand was more elastic. B) only if the demand was more inelastic. C) only if the supply was more elastic. D) if either the demand was more inelastic or the supply more elastic.
A decrease in consumer confidence would shift the:
A) aggregate demand curve rightward. B) aggregate demand curve leftward. C) aggregate supply curve rightward. D) aggregate supply curve leftward.
What is the most likely effect of the development of XBOX with DVD capabilities on the DVD player industry?
a. Increased price elasticity of demand for the DVD player industry because XBOX are complements b. decreased price elasticity of demand for the DVD player industry because XBOX are complements c. Increased price elasticity of demand for the DVD player industry because XBOX are substitutes d. decreased price elasticity of demand for the DVD player industry because XBOX are substitutes
Purchasing power parity holds when the exchange rate is equal to the product of the foreign price level and the domestic price level
a. True b. False Indicate whether the statement is true or false