In year 1, nominal GDP for the United States was $2,250 billion and in year 2 it was $2,508 billion. The GDP deflator was 72 in year 1 and 79 in year 2. Between year 1 and year 2, real GDP rose by:
A. 11.4 percent
B. 9.7 percent
C. 2.4 percent
D. 1.6 percent
D. 1.6 percent
You might also like to view...
Real GDP is $700 billion, average hours worked per week is 42 and aggregate hours is 150 billion hours. What is the economy's labor productivity?
A) $3.75 per hour B) $1.80 per hour C) $4.67 per hour D) $16.67 per hour E) $4.50 per hour
In the above figure, which of the figures shows a relationship between x and y with a negative slope?
A) Figure A B) Figure B C) Figure C D) Figure D E) Both Figure A and Figure B
Elimination of riskless profit opportunities in the futures market is
A) hedging. B) arbitrage. C) speculation. D) underwriting.
Skateboards are produced according to the production function, q = 10K0.25L0.5 - L. At what quantity of labor does total product begin to decline given that capital is fixed at 16 units in the short-run?
A) L = 100. B) L = 10. C) L = 5. D) Not enough information is given.