One year nominal GDP was $36 trillion and the price index was 120. Real GDP that year was:
a. $12 trillion
b. $30 trillion
c. $48 trillion
d. $24 trillion
b. $30 trillion
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Which of the following is a measure of economic growth that is most useful for comparing changes in standards of living?
A. increases in real GDP B. increases in real GDP per capita C. growth in nominal GDP D. decreases in the rate of unemployment
Are all points inside the production possibilities frontier unattainable?
What will be an ideal response?
An individual's demand for education is most affected by
(a) direct and indirect costs of schooling. (b) development priorities of the country. (c) the desire to escape agricultural work. (d) all of the above.
If a production process creates pollution, a competitive market produces excessive pollution because
A) private marginal cost of pollution exceeds its social marginal cost. B) social marginal cost of pollution exceeds its private marginal cost. C) the marginal benefit of pollution to the firm is zero. D) zero pollution is optimal.