If a country had a real GDP of $500 million, and the GDP Ddeflator was 90, what is the nominal GDP?
a. $440 million
b. $540 million
c. $450 million
d. $550 billion
c. $450 million
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Hyperinflationary episodes are always related to extremely rapid growth of:
A) real GDP. B) money demand. C) interest rates. D) money supply.
Countries gain from specializing in producing goods in which they have ________ and trading for goods in which other countries have ________
A) a comparative advantage; an absolute advantage B) an absolute advantage; an absolute advantage C) an absolute advantage; a comparative advantage D) a comparative advantage; a comparative advantage
In autarky, when a community maximizes its standard of living, its consumption point is
A) below the production possibility frontier. B) on the production possibility frontier. C) above the production possibility frontier. D) can't tell without more information.
Adrian's total utilities of two consumption bundles are 50 and 100. This implies that
A) Adrian prefers the first bundle. B) Adrian prefers the second bundle. C) Adrian likes the second bundle twice as much. D) Adrian likes the first bundle twice as much.