The table above gives some data about GDP in a country for two years. Using these the chained-dollar method for calculating real GDP, real GDP increased by ________ percent between these two years
A) 6 B) 5 C) 10 D) 4 E) 2
B
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Fixed costs of production in the short run
A. are low in proportion to variable costs in the short run. B. are a function of the level of variable costs. C. increase as the firm produces more output. D. cannot be reduced by producing less output.
If government expenditures are increased by $50 billion, assuming all other factors stay constant, we would expect the initial impact of the increased spending to cause real GDP to
A. increase by $50 billion. B. stay constant. C. increase by less than $50 billion. D. increase by more than $50 billion.
A tariff is a tax imposed by a government on imports
Indicate whether the statement is true or false
Which of the following are NOT examples of "convergence"?
A) Japan and Europe B) individual states within the United States C) regions within western Europe D) major nations in Latin America and Western Europe