Suppose nominal GDP was $360 billion in 1990 and $450 billion in 2000. The appropriate price index (1985 = 100) was 120 in 1990 and 125 in 2000. Between 1990 and 2000 real GDP:
a) increased by $60 billion.
b) decreased by $32 billion.
c) increased by $100 billion.
d) increased by $117 billion.
a) increased by $60 billion.
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The conversion of resources into consumer goods or services is called
A) human capital. B) production. C) opportunity cost. D) absolute advantage.
During 1980-2005, the developing countries that moved most rapidly toward economic freedom
a. achieved higher rates of economic growth, but the reductions in their poverty rates were smaller than those for countries that were less free. b. grew less rapidly, but the reductions in the poverty rates were greater than those achieved in countries that were less free. c. experienced both slower rates of economic growth and smaller reductions in poverty rates than countries that were less free. d. experienced both more rapid rates of economic growth and larger reductions in poverty rates than countries that were less free.
A market shortage occurs when:
A.) The quantity demanded is less than the quantity supplied at a given price. B.) The market price is below equilibrium. C.) Sellers produce a lot of the product and consumers like it a lot. D.) A new product is introduced at the equilibrium price.
Developing countries have higher birth rates because:?
What will be an ideal response?