Answer the question based on the following price and output data over a five-year period for an economy that produces only one good. Assume that year 2 is the base year.YearUnits of OutputPrice Per Unit18$22103315441855206In year 4, nominal GDP would be:
A. $60.
B. $316.
C. $90.
D. $120.
Answer: C
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Because decreases in inflation increase aggregate spending and short-run equilibrium output:
A. the aggregate demand curve is downward sloping. B. the aggregate demand curve is upward sloping. C. the aggregate demand curve is horizontal. D. the short-run aggregate supply line is downward sloping.
Willie Stand obtains a patent on his new invention, the bipod. After twenty years,
a. he can renew his patent b. new entrants will begin bipod production if price exceeds average variable cost c. new entrants will drive up the price of the bipod d. Willie will eventually earn no more than a normal profit e. Willie will continue to earn a positive economic profit, because entry will not affect the price of bipods
A common resource is both:
a. excludable and rival in consumption. b. nonexcludable and nonrival in consumption. c. excludable and nonrival in consumption d. nonexcludable and rival in consumption.
Goods whose benefits to society are not diminished as more people consume them and whose benefits cannot be withheld from anyone are:
A. impossible since resources are limited. B. examples of negative externalities. C. public goods. D. food and other necessities.