Nominal GDP in 1970 was $1035.6 billion, and in 1980 it was $2784.2 billion. The GDP price index was 30.6 for 1970 and 60.4 for 1980, where 1992 was the base year. Calculate the percent change in real GDP in the decade from 1970 to 1980. Round off to the nearest percentage point.
A. 169%
B. 97%
C. 136%
D. 36%
Answer: D
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When a business purchases a $50,000 computer system by writing a check, the business's balance sheet will:
A. show an increase in assets and liabilities for $50,000. B. not reflect any increase in assets or liabilities, only a change in the composition of assets. C. only show an increase in assets of $50,000. D. only show an increase in liabilities of $50,000.
The following provides data for an economy in a certain year. Consumption expenditures$50Imports$40Government purchases of goods and services$20Construction of new homes and apartments$30Sales of existing homes and apartments$40Exports$50Government payments to retirees$10Household purchases of durable goods$20Beginning-of-year inventory$10End-of-year inventory$20Business fixed investment$30Given the data, compute the investment component of GDP.
A. $70 B. $30 C. $40 D. $60
Refer to the above table. At an output of 2 units, average total costs are
A. $45. B. $16. C. $122. D. $61.