The GDP deflator is the ratio of
a. real GDP to nominal GDP multiplied by 100.
b. real GDP to the inflation rate multiplied by 100.
c. nominal GDP to real GDP multiplied by 100.
d. nominal GDP to the inflation rate multiplied by 100.
c
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If freezing weather destroys half of the current Florida orange crop, wealth will increase for
A) almost all Florida orange growers. B) no Florida orange growers. C) some Florida orange growers and all California orange growers. D) some Florida orange growers and some California orange growers.
A household's reservation wage is the ________
A) lowest wage rate at which the household will supply labor B) wage at which the household's labor supply curve bends backward C) wage rate at which the household's income is largest D) highest wage rate at which the household will supply labor
Given that the firm decides to only offer the high-end wok, what is the highest price it can charge the chefs?
a. $70 b. $80 c. $90 d. $100
In the United States the degree of individual income mobility (that is, the degree to which people move from higher to lower or lower to higher income groupings) is
a. rigid in both directions. b. flexible in both directions. c. flexible upward but rigid downward since high income perpetuates itself from generation to generation. d. flexible downward but rigid upward since most low-income people never rise significantly above the poverty level.