If the nominal GDP of a country in the year 2005 was$25 trillion and the GDP deflator (relative to the base year 2000 . was 125, the real GDP of this country was _____
a. $25 trillion
b. $5 trillion
c. $20 trillion
d. $125 billion
c
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Secondary markets make financial instruments more
A) solid. B) vapid. C) liquid. D) risky.
In the above figure, a regulation requiring average cost pricing would force the firm to produce at output level
A) Q1. B) Q2. C) Q3. D) Q4.
A major fruit juice manufacturer failed in its attempt to engage in price discrimination between students and all other consumers. What is a possible explanation for this failure?
a. There was nothing to prevent the students from reselling the fruit juice to other consumers. b. The fruit juice manufacturer produced in a perfectly competitive market. c. The two groups of consumers probably have the same demand elasticity for fruit juice. d. The cost of producing the product is relatively high. e. Demand for fruit juice is probably inelastic.
How can bonuses to exceptional employees be considered economic rents?