YearFootballs(in millions)P FootballsBooks(in millions)P BooksNominal GDPReal GDP2000 Base Yr55464949200165465454200276577765200347788462Assume the table has recorded the total output and prices of the only two goods produced. Looking at the figures in the table and using them to construct the GDP deflator, we can note the GDP deflator in 2003 was:
A. 109
B. 105
C. 74
D. 135
Answer: D
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Suppose the price of beans rises from $1.00 a pound to $2.00 a pound, quantity demanded falls from 10 units to 6 units. In this example, the demand for beans is said to be
A) relatively elastic. B) relatively inelastic. C) perfectly elastic. D) perfectly inelastic.
Compared to the perfectly competitive firm, the monopolist's input demand curve is
A) more elastic. B) more inelastic. C) due to a constant per-unit price of the product. D) marginal factor cost.
Refer to the graph shown.
Assuming a consumer has $5 to spend, if a soda costs $0.50 and a chocolate bar costs $0.50, the consumer will optimally choose to consume:
A. at point B. B. 10 cans of soda and 0 chocolate bars. C. at point A. D. 0 cans of soda and 10 chocolate bars.
Which of the following equations correctly represents the given data?
Answer the question on the basis of the following data:
A. Y d = 40 + .6C.
B. C = 60 + .4Y d .
C. C = 40 + .6Y d .
D. C = .6Y d