During the 1990s, the nominal price of crude oil ____ and the real price ____
a. leveled off; fell
b. fell; leveled off
c. rose; fell
d. fell; rose
a. leveled off; fell
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An assumption of the neoclassical theory of growth is that
A) people receive only subsistence real GDP per person. B) all technological advances are the result of chance. C) the marginal product of all types of capital increases as more capital is accumulated. D) knowledge has diminishing returns.
Refer to Table 21-2. Using the table above, what is the approximate growth rate of real GDP from 2014 to 2015?
A) 1% B) 2% C) 3% D) 4%
Suppose the demand curve for medical care services is perfectly inelastic. What will happen to the equilibrium price and quantity if supply increases?
a. Price and quantity will rise. b. Price will stay the same and quantity will rise. c. Price and quantity will fall. d. Price will fall and quantity will increase. e. Price will fall and quantity will stay the same.
If the nominal exchange rate e is foreign currency per dollar, the domestic price is P, and the foreign price is P*, then the real exchange rate is defined as
a. P/(Pe). b. P/(Pe). c. e(P/P). d. e(P/P),