According to the World Bank, in 2006, China's GDP was approximately $2.7 trillion (or $2,700 billion). That same year, India's GDP was approximately $906.3 billion
With which of the following populations would China's standard of living have been considered higher than India's that year?
A) China's population = 500 million; India's population = 125 million
B) China's population = 8.3 billion; India's population = 1.1 billion
C) China's population = 1.3 billion; India's population = 1.1 billion
D) China's population = 3.5 billion; India's population = 1.1 billion
C
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Use the following production possibilities frontiers to answer the next question.
Curve (a) is the current frontier for the economy. Focusing on curve (a), point N suggests that the economy currently produces
A. less goods for the future than at point P. B. more goods for the future than at point P. C. less goods for the present than at point P. D. a combination of output that is less than its potential.
Currently, the U.S. national income and product accounts (NIPA) use what type of price index to calculate real GDP?
A) Fixed-weight B) Variable-weight C) Chain-weight D) Heavy-weight
To convert nominal economic data from several different years into real, inflation-adjusted data, the starting point is to choose a ____________ year.
a. base b. future c. past d. compliant
Which of the following is not a function of prices in a market system?
a. Prices have the crucial job of balancing supply and demand. b. Prices send signals to buyers and sellers to help them make rational economic decisions. c. Prices coordinate economic activity. d. Prices ensure an equitable distribution of goods and services among consumers.