An economy produces 10X, 20Y, and 30Z in a year. Base-year prices for these goods are $1, $2, and $3, respectively. Current-year prices for these goods are $2, $3, and $4, respectively. What is Real GDP?
A) $180
B) $200
C) $140
D) $240
E) none of the above
C
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Total utility always decreases when additional amounts of a commodity are consumed.
Answer the following statement true (T) or false (F)
Conservatives and liberals ___ on the causes of poverty and ___ on how to solve the poverty problem.
A. agree; agree B. agree; disagree C. disagree; agree D. disagree; disagree
A company producing sports equipment wishes to increase its total revenue. Should it increase or decrease its price when the product's price elasticity of demand is equal to -0.8?
(a) Increase - the good is price inelastic and in order to increase TR the firm should increase its price. (b) Decrease - the good is price elastic and in order to increase TR the firm should decrease its price. (c) Increase - the good is price elastic and in order to increase TR the firm should increase its price. (d) Decrease - the good is price inelastic and in order to increase TR the firm should decrease its price.
Refer to the table shown.BotswanaZimbabweGoldNickelGoldNickel030009060200186012010036301800540In this example:
A. there are no possible gains from trade. B. there are gains from trade for Zimbabwe. C. there are gains from trade for both countries. D. there are gains from trade for Botswana.