In a given year, U.S. nominal GDP was $2,784 billion and the GDP chain price index for that year is 60.4 . Real GDP is:
a. $1,682 billion.
b. $4,609 billion.
c. $3,889 billion.
d. $4,000 billion.
b
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Which of the following statements applies to a monopolist but not to a perfectly competitive firm at their profit-maximizing outputs?
A) Average revenue equals average cost. B) Marginal revenue is less than price. C) Price equals marginal cost. D) Marginal revenue equals marginal cost.
Individuals that lend funds to a bank by opening a checking account are called
A) policyholders. B) partners. C) depositors. D) debt holders.
Suppose you form a legal partnership with your best friend, and she purchases consulting services calling for a $100,000 fee. Your business is broke, and you never wanted the consultants to work for you -- only your partner did. For how much of this debt are you legally liable?
a. none of it b. all of the $100,000 c. the proportion reflected by the proportion of the business owned d. only an amount equal to the assets of the business e. $50,000
In Figure 2-1, point A is
a. unattainable. b. inefficient. c. efficient. d. preferable to point B.