If nominal GDP is $14 trillion and real GDP is $12 trillion, the GDP deflator is:
A. 117.
B. 114.
C. 112.
D. 86.
Answer: A
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If foreign investment in the United States exceeds U.S. investment abroad, there is a ________; and when U.S. investment abroad exceeds foreign investment in the United States, there is ________
A) current account surplus; a current account deficit B) current account surplus; an official accounts surplus C) capital and financial account surplus; a capital and financial account deficit D) capital and financial account deficit; a capital and financial account surplus
Last year when John graduated and received a 20 percent pay increase, the average number of restaurant meals he consumed rose from one a week to three a week. Hence his income elasticity for restaurant meals is
A) 0.50. B) -0.50. C) 5.00. D) -5.00.
The main reason for our balance of payments deficits has been
A. military spending abroad. B. spending by U.S. tourists abroad. C. our negative balance of trade. D. None of these choices are correct.
If you leave your money in the bank at a fixed interest rate and allow for compounding of interest, show what will happen to your savings over time. Indicate with a graph whether there is a negative or positive slope between savings and time and what happens to the slope over time.
What will be an ideal response?