If a country had a nominal GDP of $800 million, and the GDP Deflator was 95, what is the real GDP?
a. $750 million
b. $828 million
c. $950 million
d. $842 million
d. $842 million
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With which choice are you more likely to avoid Bid-rigging cartels?
a. Holding English auctions b. Holding sealed-bid auctions c. Holding oral auctions d. All of the above
At any given time,
a. planned investment equals planned saving. b. planned investment equals actual investment. c. planned saving equals actual saving. d. actual investment equals actual saving.
Consider two goods: peanuts and crackers. The slope of the consumer's budget constraint is measured by the
a. consumer's income divided by the price of crackers. b. relative price of peanuts and crackers. c. consumer's marginal rate of substitution. d. number of peanuts purchased divided by the number of crackers purchased.
A publishing house is using 400 printers and 200 printing presses to produce books. The printers' wage rate is $20 and the price of a printing press is $100. The last printer added 20 books to total output, while the last printing press added 50 books to total output. The publishing house
A. could produce the same number of books at a lower cost by using more printing presses and fewer printers. B. should use more printing presses because they are more productive than printers. C. is using the cost-minimizing combination of printers and printing presses. D. could produce the same number of books at a lower cost by using more printers and fewer printing presses. E. should use more printers because they are cheaper than printing presses.