GDP statistics do not reveal anything about
A. the economy's production of goods and services.
B. economic growth.
C. global warming's impact on the economy.
D. productivity.
Answer: C
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Use the following graph to answer the next question.
If the industry operates as a pure monopoly, the profit-maximizing quantity of output would be ________.
A. a level that is not labeled in the graph B. 195 C. 160 D. 90
An appreciation of Canadian currency means that
a. Canada's exports will become less expensive b. Canada's imports will become more expensive c. Canada's imports will become less expensive d. it now requires more Canadian currency (CDN $) to exchange for one unit of another currency e. it now requires less of other currencies to exchange for a unit of Canadian currency (CDN $)
Comparative advantage implies choosing the activity that
A) has a high opportunity cost. B) is inside the production possibilities frontier. C) has the lowest opportunity cost. D) does not demand any specialization.
If real GDP for 2009 is $6400 billion (in 2012 dollars) and nominal GDP for 2010 is $6720 billion, then the growth rate of real GDP is
A. unknown based on the given information. B. 5%. C. 0%. D. 0.5%.