If a country had a real GDP of $500 million, and the GDP deflator was110, what is the nominal GDP?
a. $440 million
b. $540 million
c. $450 million
d. $550 billion
d. $550 billion
You might also like to view...
Which of the following would result in an increase in the demand for Toyota automobiles?
A. An increase in the price of Toyota automobiles B. A decrease in the price of Toyota automobiles C. A decrease in the price of Honda automobiles D. An increase in the price of Honda automobiles
What is the principal-agent problem? What are three ways in which firms try to cope with it?
What will be an ideal response?
When the domestic price of a good is below the world price, the imposition of a tariff on the import of the good _____
a. results in a loss in producer surplus b. results in a gain in producer surplus c. does not affect government revenue d. does not lead to a deadweight loss
To maximize its profit, a monopolistically competitive firm chooses its level of output by looking for the level of output at which
a. price equals marginal cost. b. marginal revenue equals marginal cost. c. average total cost is minimized. d. All of the above are correct.