Refer to the information provided in Figure 4.1 below to answer the question(s) that follow.
Figure 4.1Refer to Figure 4.1. At the price of ________ cents per apple, the United States imports 6 million apples per day.
A. 20
B. 30
C. 40
D. 60
Answer: B
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U.S. real GDP
A) measures the change in the price level over time. B) precisely measures the improving standard of living in the United States. C) excludes the value of underground production and leisure time. D) includes the value of underground production but excludes the value of leisure time. E) is not as accurate as nominal GDP when measuring standard of living changes over time.
A shift to a more expansionary monetary policy will have its greatest effect on
a. the interest rate on a 30-year fixed-rate mortgage. b. the interest rate on 10-year government bonds. c. short-term interest rates. d. the 15-year corporate bond interest rate.
The most important statistical tool in empirical economics is
A. regression analysis. B. causation. C. difference-in-differences. D. intention to treat.
Refer to the data. For the years shown, the growth of:
Assume an economy that makes only one product and that year 3 is the base year. Output and price data for a five-year period are as follows. Answer the question on the basis of these data.
A. real GDP has exceeded the growth of nominal GDP.
B. nominal GDP accurately reflects changes in real output.
C. nominal GDP overstates increases in real output.
D. nominal GDP understates increases in real output.