The base year is 2010. A country only produces MP3 players. The price of an MP3 player in 2008 was $50. The price of an MP3 player was $30 in 2010. The quantity of MP3 players produced in 2008 was 10,000 units and in 2010 was 20,000 units
Nominal GDP in 2010 equals
A) $500,000.
B) $200,000.
C) $1,000,000.
D) $600,000.
E) an amount that cannot be determined without information about real GDP in 2010.
D
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Answer the next question on the basis of the following production possibilities tables for two countries.Latalia's Production Possibilities ABCDEPork (tons)43210Beans (tons)05101520Trombonia's Production Possibilities ABCDEPork (tons)86420Beans (tons)06121824Which of the following would be feasible terms for trade between Latalia and Trombonia?
A. 2 tons of beans for 1 ton of pork B. 1 ton of beans for 1 ton of pork C. 6 tons of beans for 1 ton of pork D. 4 tons of beans for 1 ton of pork
When people purchase health insurance and then change their behavior after the purchase because the insurance protects them from loss, the health insurance market is said to face the problem of
A) asymmetric information. B) moral hazard. C) adverse selection. D) the rationality paradox.
Refer to Figure 12-17. The graphs depicts a short-run equilibrium. How will this differ from the long-run equilibrium? (Assume this is a constant-cost industry.)
A) The price will be higher in the long run than in the short run. B) The market supply curve will be further to the left in the long run than in the short run. C) The firm's profit will be lower in the long run than in the short run. D) Fewer firms will be in the market in the long run than in the short run.
The price elasticity of demand for Rosie's Roses fresh flowers the week of Valentine's Day is 1.10 and is 1.60 other days of the year. If Rosie's Roses faces a constant marginal cost of $0.75 per rose, what is the profit-maximizing off-peak load price to charge on days not on the week of Valentine's Day?
A) $2.00 B) $5.00 C) $8.50 D) $1.25