Which of the following has aided the process of globalization?
a. An increase in transportation costs in recent decades
b. Innovations in computing and telecommunications in recent decades
c. Increases in tariffs and quotas in recent decades
d. The lack of access to digital information in recent decades
b
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Suppose nominal GDP is $14 trillion and the GDP deflator is 122.5. Given this information, what is real GDP?
A. $9.8 trillion B. $13.8 trillion C. $15.2 trillion D. $11.4 trillion
Refer to the above diagram. At output level Q total fixed cost is:
A. 0CDQ. B. BCDE. C. 0BEQ-0AFQ. D. 0BEQ.
A sharp increase in the number of medical errors increases the number of lawyers hired to determine medical malpractice settlements. This will
A) increase GDP and increase well-being in the economy. B) increase GDP and decrease well-being in the economy. C) decrease GDP and increase well-being in the economy. D) decrease GDP and decrease well-being in the economy.
Refer to the figures. Which figure(s) represent(s) a situation where prices are flexible?
A. A only.
B. B only.
C. Both A and B.
D. Neither A nor B.