Assume an economy is producing only one product. Year 2 is the base year. Output and price data for a five-year period are given.YearUnits of OutputPrice Per Unit14$425537849951010Refer to the above data. Nominal GDP for year 3 is:
A. $16.
B. $25.
C. $81.
D. $56.
Answer: D
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Using the above table, if the price of Pepsi is $3, how many cans of Pepsi would have to be consumed in order to have a marginal utility to price ratio of 3?
A) one can
B) two cans
C) three cans
D) four cans
How do we determine the value (willingness to pay) for insurance?
What will be an ideal response?
Suppose that total cost is given by TC = 200 + 5Q – 0.4Q2 + 0.001Q3
a. Fixed cost (FC) is $200 b. Variable cost (VC) is 5Q – 0.4Q2 + 0.001Q3 c. Average variable cost (AVC) is 5 – 0.4Q + 0.001Q2 d. Marginal cost (MC) is 5 – 0.8Q +.003Q2 e. All of the above are correct
The Fed’s purchase and sale of government securities is known as
A. margin operations. B. open-market operations. C. bank reserve operations. D. cash management operations.