If real GDP in 2005 is $8,000 billion and the price level is 125, what is nominal GDP in 2005?
A. $10,000 billion
B. $9,200.5 billion
C. $5,000 billion
D. $6,830.6 billion
Answer: A
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Volatility clustering
A) is evident in most cross-sections. B) implies that a series is serially correlated. C) can mostly be found in studies of the labor market. D) is evident in many financial time series.
The terms of trade is defined as:
a. the quantity of inputs sacrificed to produce each unit of a good. b. the quantity of one good that is exchanged for a quantity of another good. c. the ratio of the total cost of production of individual traders. d. the marginal cost of producing one good as a percentage of the marginal cost of another good. e. the ratio of total exports of a nation to its total production.
The essence of the trade-off between equality and efficiency is that
a. taxes and transfers reduce incentives to earn income, thus reducing GNP. b. people are ideologically opposed to socialistic income redistribution. c. redistribution violates the "work ethic." d. people are prejudiced against blacks and women.
When the nation of Roma allows trade and as a result becomes an importer of scooters,
a. residents who produce scooters become worse off; residents who buy scooters become better off; and the economic well-being of Roma rises. b. residents who produce scooters become worse off; residents who buy scooters become better off; and the economic well-being of Roma falls. c. residents who produce scooters become better off; residents who buy scooters become worse off; and the economic well-being of Roma rises. d. residents who produce scooters become better off; residents who buy scooters become worse off; and the economic well-being of Roma falls.