Country X produces only one good. It produced 12,500 units of a good during a particular year. If the price of the good during that year was $100 and the price of the good during the previous year was $95, the nominal GDP of the country is ________
A) $875,000 B) $1,187,500 C) $2,450,000 D) $1,250,000
D
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Refer to the above figure. If the MPC is unchanged and level of autonomous consumption increases, what occurs?
A) Line EBD will shift up. B) Line ABC will drop down. C) Line ABC shifts up. D) Line EBD rotates and becomes steeper.
A dominant strategy:
A. exists in every game. B. is the best one to follow no matter what strategy other players choose. C. is always the same for all players of a game. D. awards the highest achievable payoff in a game.
Joe did not receive a raise this year, so his income remains the same as last year. Meanwhile, the cost of his favorite games has gone up. If Joe’s actions are based on the income effect, which of the following is most likely to happen?
a. Joe will devote a larger percentage of his income to games. b. Joe will buy fewer games. c. Joe will buy different games that cost less. d. Joe will calculate the utility of playing games.
The Cournot theory of oligopoly is based on the assumption that each firm believes that rivals will:
A. increase their output whenever it increases its output. B. keep their output constant if it changes its output. C. decrease their output whenever it increases its output. D. randomly change output whenever it changes its output.