The abbreviation "GDP" stands for
A) Gross Domestic Prices.
B) General Domestic Prices.
C) Gross Domestic Product.
D) Great Domestic Prices.
E) Government's Domestic Politics.
C
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When the price of insulin is $10, consumers demand 100 units; when the price is $15, consumers demand 100 units; and when the price is $20, consumers demand 100 units. Based on this information, the demand for insulin is:
A. perfectly inelastic B. elastic C. unit elastic D. perfectly elastic
The economy is at the equilibrium shown as point a in the above figure. To restore the economy to potential GDP, the Fed should
A) buy government securities and thereby increase aggregate supply. B) sell government securities and thereby decrease aggregate demand. C) buy government securities and thereby decrease aggregate demand. D) buy government securities and thereby increase aggregate demand. E) sell government securities and thereby increase aggregate demand.
Assume a firm in a competitive industry is producing 800 units of output, and it sells each unit for $6 . Its average total cost is $4 . Its profit is
a. -$1,600. b. $1,600. c. $3,200. d. $8,000.
"High-income countries have a price level which is much higher than the low-income countries." Which of the following is most likely to explain this price differential?
A. Prices of non-traded goods and services are relatively stable across high- and low-income nations. B. Traded goods are much more sensitive to the income levels than are non-traded goods and services. C. With the development process of a nation, its productivity in making traded goods rises much faster than that in making non-traded goods. D. Labor involved in production of non-traded goods and services in high-income nations receives lower wages than the labor-producing traded goods.