If a country had a nominal GDP of $753 million, and the GDP deflator was 90, what is the real GDP?
a. $685 million
b. $828 million
c. $836 million
d. $863 million
c. $836 million
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Which of the following statements is true of the Europeans in the period of colonization?
A) Europeans set up extractive economic institutions in all areas. B) Europeans set up relatively extractive economic institutions in areas that had greater population densities. C) Europeans set up relatively inclusive economic institutions in areas that had greater population densities. D) Europeans set up inclusive economic institutions in all areas.
Debt accumulation by the U.S. government in the 1980s:
A. Exceeded the debt the country had accumulated over the preceding 200 years. B. Was small compared with earlier periods of history. C. Was caused by war-related expenditures. D. None of the choices are correct.
An economy in which output has decreased and prices have decreased would suggest a:
A. decrease in short-run aggregate supply. B. increase in aggregate demand. C. increase in short-run aggregate supply. D. decrease in aggregate demand.
How does a market demand curve differ from an individual demand curve?
a. It forms a triangle. b. It is inverted. c. It has steps. d. It is smoother.