Answer the question on the basis of the following information: year nominal GDP price index 1 550 140 2 560 135 3 576 125 4 586 117 5 604 108 The economy above has experienced a:
a) declining nominal GDP.
b) rising price level.
c) declining real GDP.
d) rising real GDP.
d) rising real GDP.
You might also like to view...
The "miracle" of the market, as addressed in your text, refers to the countless goods and services of great complexity made abundantly available
A) under conditions of massive ignorance. B) with a minimum number of errors and mistakes. C) with few losses and bankruptcies. D) with no systematic or scientific way of explaining how it happens.
Which of the following statements is CORRECT?
A) A change in the quantity demanded means a shift in the demand curve. B) A change in demand means a movement along the demand curve. C) A change in demand and change in quantity demanded means the same thing. D) A change in demand means a shift in the demand curve while change in the quantity demanded means a movement along the demand curve.
Refer to Figure 22-4. Using the per-worker production function in the figure above, the largest changes in an economy's standard of living would be achieved by a movement from
A) E to B to D. B) D to B to E. C) C to B to A. D) A to B to C.
Regional trading bloc agreements
a. are not considered trade restrictions b. are required by World Trade Organization rules c. exist primarily in Russia, Africa, and South America d. require all nations in a specified region to trade only with other countries in the same geographic area e. make special trade deals between countries in that region and discriminate against countries outside the region