If real GDP rises from $700 billion to $704 billion, the economic growth rate is
A. ($704 billion - $700 billion)/$704 billion.
B. $700 billion/$704 billion.
C. ($704 billion/$700 billion)/100.
D. ($704 billion - $700 billion)/$700*100.
Answer: D
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Commodity money
A) has value independent of its use as money. B) has little to no value independent of its use as money. C) can be used to purchase commodities, but not services. D) is backed by a valuable commodity such as gold.
Consider a society consisting of just a farmer and a tailor. The farmer has 10 units of food but no clothing. The tailor has 20 units of clothing but no food. Suppose each has the utility function U = F ? C. Derive the contract curve
What will be an ideal response?
Paul and Diane are two fishing fanatics who also supply local restaurants with fresh brook salmon. Paul uses a $20 rod and reel and catches 20 fish in one day. Diane places a $100 net all the way across the stream and at the end of the day she has caught 5,000 fish. Diane's ingenuity is an example of
a. constant returns to scale in fish production b. increasing marginal cost c. the difference between short- and long-run costs d. the existence of economies of scale in fishing technology e. unfair trade practices
Economists who focus their analyses on the effects of a change in the money supply and velocity are called
a. realists. b. Keynesians. c. supply-siders. d. monetarists.