According to the BEA, in the second quarter of 2012 nominal GDP rose by 3.3 percent and real GDP rose by 1.7 percent. The difference between the change in nominal GDP and the change in real GDP could be explained by
A) an increase in prices of final goods and services produced.
B) a decrease in prices of final goods and services produced.
C) an increase in quantity of final goods and services produced.
D) a decrease in quantity of final goods and services produced.
A
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Governments impose excise taxes on goods that have inelastic demand, such as cigarettes, more often than in other cases. Why?
What will be an ideal response?
Making decisions with outcomes are uncertain is ________ and ________.
A) common; easy B) uncommon; easy C) common; difficult D) uncommon; difficult
Think cross elasticity. Suppose that the price of cod increases from $10 to $12 . If perch and cod belong to the same market and consumers had demanded 20 perch before the increase in the price of cod, they will now demand
a. 34 perch b. 8 perch c. 24 perch d. no more than 28 perch e. at least 32 perch
In the United States, the wage floor legislated by government below which it is generally illegal to pay workers is known as
A) the minimum wage. B) the wage ceiling. C) the employment gap. D) the going wage.