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
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If a tax is imposed on a product, the buyer will always bear the entire burden of the tax
Indicate whether the statement is true or false
Explain how the problem of overuse of common resources can be solved
In equilibrium which of the following happens if the U.S. imposes tariffs on power tools?
a. U.S. net exports rise b. the exchange rate falls c. U.S. production of power tools rises d. All of the above are correct.
Recall the Application about the incentives to install rooftop solar panels to answer the following question(s).According to the Application, another factor that was responsible for solar power deployment was the rising price of electricity. The increase in sales due to higher electricity prices describes the economic concept of:
A. using assumptions to simplify. B. ceteris paribus. C. rational self interest. D. marginal thinking.