Nominal GDP in 1970 was $1035.6 billion, and in 1980 it was $2784.2 billion. The GDP price index was 30.6 for 1970 and 60.4 for 1980, where 1992 was the base year. Calculate the percent change in real GDP in the decade from 1970 to 1980
Round off to the nearest percentage point. A) 36%
B) 97%
C) 136%
D) 169%
A
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Everything else constant, a stronger dollar will mean that
A) vacationing in England becomes more expensive. B) vacationing in England becomes less expensive. C) French cheese becomes more expensive. D) Japanese cars become more expensive.
Wage and MFC differ for a monopsonist because:
a. the monopsonist is forced to pay a wage greater than the worker's MFC. b. the monopsonist must accept the market wage rate. c. workers are not as efficient when employed by a monopsonist. d. any wage increase applies to all workers, not just to the next hired. e. wage rate decreases force workers to work longer hours.
New residential housing is counted in GDP as a(n):
a. durable consumption good. b. household durable good. c. investment good. d. inventory expansion. e. long-term durable good.
A sterilized intervention is actually a combination of two transactions. What are they and what is the effect on the monetary base?
What will be an ideal response?