The GDP deflator is
What will be an ideal response?
nominal GDP divided by real GDP.
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Refer to Tax Problem. In the absence of any government intervention (e.g. taxes or price controls), the market equilibrium is
Consider a perfectly competitive market were demand is Q = 100 - P and Supply is Q = P - 10. a. P = 45, Q = 45 b. P = 55, Q = 45 c. P = 45, Q = 55 d. P = 55, Q = 55
Which of the following would, by itself, reveal the most about a country's standard of living?
a. its level of capital b. the number of hours worked c. its availability of natural resources d. its productivity
Which statement is true?
A. Only monetary policy can affect aggregate demand. B. Only fiscal policy can affect aggregate demand. C. Both monetary and fiscal policy can affect aggregate demand. D. Neither monetary nor fiscal policy can affect aggregate demand.
Getting an annual flu shot is a way to reduce the chances of not only contracting influenza, but also spreading it to other people. In this sense, getting an annual flu shot is reducing ________ of spreading a contagious disease
A) positive externalities B) negative externalities C) the private benefit D) the social benefit