The GDP price index one year was 200, and the next year it was 215. What was the percentage change in the price level (inflation) from one year based on that index?
a. 7.5%
b. 10%
c. 15%
d. 2%
Ans: a. 7.5%
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Which of the following statements is true?
A) GDP growth distributes income equally to people in the economy. B) GDP accounting rules do not adjust for production that pollutes the economy. C) A decrease in the crime rate increases GDP as people will spend more on security. D) Household production is counted in GDP as it amounts to real production.
Economists consider economic depreciation to be the ________ in market value from the use of the capital and measure this use in terms of ________ cost.
A) increase; marginal B) decrease; opportunity C) increase; opportunity D) decrease; marginal
Labor unions will raise the quantity of labor demanded
a. True b. False Indicate whether the statement is true or false
If this is a closed economy, how many bikes will be produced?
A. 50,000 B. 100,000 C. 20,000 D. 80,000