If nominal GDP is $230 for a period and real GDP is $200 for the same period, what is the GDP price index for this period?
What will be an ideal response?
The GDP price index equals 115, or (100 ) × ($230 ÷ $200).
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A) only countries with low wages will export. B) only countries with high wages will import. C) countries with high wages will have higher relative prices of all goods. D) All the above are false.
In the game in Scenario 13.11, equilibrium is
A) R1, C1. B) R1, C2. C) R2, C1. D) R2, C2. E) a mixed strategy based on all four pure strategies.
Early forms of colonial money included
a. wampum. b. tobacco. c. furs and hides. d. musket balls. e. All of the above.
If labor were completely mobile between Muncie, Indiana, and Lexington, Kentucky, and the cost of living was the same in each city, we would expect to find that
a. accountants in Muncie earn the same wage rate as garbage collectors in Lexington b. garbage collectors in Lexington earn more than accountants in Muncie c. garbage collectors in Muncie earn the same wage rate as accountants in Lexington d. all accountants in Lexington would earn the same wage rate e. accountants in Muncie earn the same wage rate as accountants in Lexington