At the beginning of 1989, the GDP deflator was 93.6. At the end of 2004, it was 189.2. What was the total percentage change in prices over this 15-year period?
A. 59.6 percent.
B. 150.0 percent.
C. 98.9 percent.
D. 102.14 percent.
Answer: D
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Developing countries are usually unwilling to negotiate over labor standards because
A) the WTO always tends to rule in favor of industrialized nations. B) they fear that industrialized nations are trying to undermine their comparative advantage—production of agriculture and textiles/apparel—and close the markets of high-income countries in these areas. C) they fear that they may be unable to compete without some protection of their industries. D) they don't have a comparative advantage in any good at all. E) organized labor would not allow them to negotiate with other countries.
Jeong's uncompensated demand for gizmos is given by Q = 30 - 2p. Jeong's marginal willingness to pay function is
A) 30-2p. B) 15-.5Q. C) 30-2Q. D) -2.
Refer to the accompanying figure. For demand curve D1, what is the price elasticity of demand when P = 12?
A. 4 B. 12 C. 3 D. 6
Under a fixed exchange rate regime, an expansionary fiscal policy would ____ interest rates and GDP, which would cause ____ pressure on the exchange rate, forcing the monetary authority to undertake a(n) ______ monetary policy.
A) raise; downward (appreciation); expansionary B) lower; upward (depreciation); contractionary C) raise; upward (depreciation); contractionary D) lower; downward (appreciation); expansionary