Refer to above Table 2-2. What is the increase in real GDP between years 1 and 2 at fixed year 1 prices?
A) 4.3%
B) 3.3%
C) 2.5%
D) 1.9%
A
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The Farm Factory, a booth at the local Farmer's Market, sells fresh eggs for $1.50 per dozen and fresh milk for $2.50 per gallon. What is the opportunity cost of buying a dozen eggs?
A) $1.50 B) $2.50 C) 1 2/3 gallons of milk D) 3/5 of a gallon of milk
Concord Piano Company has experienced a sustained pattern of losses because fewer people are buying pianos for their homes. In response, the owner of Concord has reduced the number of pianos it manufactures. Which of the following is suggested by the actions of Concord?
a. Concord is reducing its marginal costs. b. Concord is preparing to exit the market. c. Concord has reached the shutdown point. d. Concord is evaluating its allocative efficiency.
Based on the evidence, most economists believe that the self-correcting mechanism operates
a. slowly with prices, but quickly with wages. b. slowly with wages, but quickly with prices. c. very slowly with wages. d. efficiently, so that stabilization policy is not necessary.
If the CPI was 95 in 1955 and is 475 today, then $100 today purchases the same amount of goods and services as
a. $4.75 purchased in 1955. b. $20.00 purchased in 1955. c. $95.00 purchased in 1955. d. $500 purchased in 1955.