Suppose the real gross domestic product (GDP) equals $200 billion this year and the nominal gross domestic product (GDP) equals $300 billion. This implies that the price level has increased by _____
a. $100 billion
b. $200 billion
c. 50 percent
d. 100 percent
e. 33 percent
c
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If a country has a high level of income, it:
A. must be rapidly increasing its GDP per capita. B. must have a high level of income. C. must have an equitable distribution of wealth. D. All of these are true.
If in some year real GDP was $5 trillion and the GDP deflator was 200, what was nominal GDP?
a. $2.5 trillion. b. $10 trillion. c. $40 trillion. d. $100 trillion.
Changing tax regimes can sometimes be difficult and lead to inequities.
A. True B. False C. Uncertain
The law of diminishing marginal utility states that it is impossible to produce more of one good without decreasing the quantity produced of another good
a. True b. False Indicate whether the statement is true or false