Refer to Table 8-17. What is nominal GDP in 2016?
A) $3,320 B) $3,690 C) $6,360 D) $7,035
D
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The measure of the cost of a standard basket of goods and services in any period relative to the cost of the same basket of goods and services in the base year is called the:
A. consumer price index. B. consumption cost calculator. C. consumption production index. D. consumer production index.
If the nominal rate of interest is 6.5% and the inflation rate is 3.0%, what is the real rate of interest?
A) -9.5% B) -3.5% C) 1.5% D) 3.5% E) 9.5%
If the consumer price index (CPI) in Year 1 was 200 and the CPI in Year 2 was 215, the rate of inflation was:
a. 215 percent. b. 15 percent. c. 5 percent. d. 7.5 percent. e. 8 percent.
Which of the following is an example of a positive externality? a. Nick spends $500 to landscape his yard and his property increases in value by $1,000
b. Mick spends $500 on a stereo, which he plays so loudly that his neighbors are willing to pay him $1,000 not to play the stereo. c. An increase in the demand for computers causes IBM to hire more workers. d. Complaints of speeding cause police to increase surveillance. e. Lisa puts new concrete on her driveway and now the neighboring kids use it for skateboarding.