The highest component of GNP is
A) the current account.
B) investment.
C) government purchases.
D) consumption.
E) trade.
D
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In Walnut Creek, California, there are three very popular supermarkets: Safeway, Whole Foods, and Lunardi's. While Safeway remains open twenty-four hours a day, Whole Foods and Lunardi's close at 9 pm. Which of the following statements is true?
A) Safeway can ignore the pricing decisions of the other two supermarkets. B) Safeway is a monopoly all day because it produces a service that has no close substitutes. C) Safeway has a monopoly at midnight but not during the day. D) Safeway probably has a higher markup to compensate for its higher cost of production.
If a country had a real GDP of $500 million, and the GDP deflator was110, what is the nominal GDP?
a. $440 million b. $540 million c. $450 million d. $550 billion
A perfectly inelastic demand curve indicates that
a. a producer can sell as many units as desired at the market price but no units above the market price. b. for a given percent change in price, the quantity demanded rises by the same percentage. c. price has no effect on the quantity demanded. d. the percent change in price is less than the percent change in quantity demanded.
Which of the following is an example of a nonmarket transaction?
a. a vacation in Hawaii b. a bribe paid to a politician c. income from illegal gambling d. swapping one good for another good