Refer to the information provided in Table 21.10 below to answer the question(s) that follow. Table 21.10
Refer to Table 21.10. Assume that this economy produces only two goods Good X and Good Y. The value for this economy's nominal GDP in year 1 is
A. $110.
B. $130.
C. $140.
D. $160.
Answer: A
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Taking a course in computer repair will increase an individual's yearly income by $10,000 per year, starting the year after the course is completed. After three years, the skills learned will be obsolete. What is the present value of taking the course if the interest rate is 8 percent (0.08) per year?
a. $1,248.29 b. $10,356.65 c. $25,770.97 d. $30,000.00 e. none of the above
When the government imposes a payroll tax on workers,
A. the costs of hiring remain constant. B. the effects are identical to the effects had the government imposed the tax on employers. C. total employment remains constant. D. the labor supply curve shifts to the right. E. workers' real wages are unchanged.
For some products, purchases tend to decrease as the buyer's income increases. Such products are known as:
a. Normal goods b. Inferior goods c. Inverse goods d. Common goods
If the profit-maximizing markup factor in a 10-firm Cournot oligopoly is ?2, what is the corresponding market elasticity of demand?
A. ?2.0 B. ?1.2 C. ?1.0 D. None of the statements is correct.