In 1990, U.S. nominal GDP was $5,744 billion and the GDP chain price index is 93.6 . Real GDP is:
a. $6,137 billion.
b. $5,376 billion.
c. $6,000 billion.
d. $6,376 billion.
a
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In a second-price sealed-bid auction, ________
A) bidders submit their bids privately B) bidders place their bids one after another C) bidders know each other's bid D) bidders bid above their willingness to pay
The market for unskilled labor is illustrated in the figure above. The market is in equilibrium and then a minimum wage of $3 per hour is imposed. Employment will decrease by
A) 0 hours. B) 10 million hours per year. C) 20 million hours per year. D) 30 million hours per year.
Gasoline taxes that are typically used for highway construction and maintenance are consistent with which of the following principles of taxation?
A) the ability-to-pay principle B) the vertical-equity principle C) the horizontal-equity principle D) the benefits-received principle
The proportion of total income received by a particular group is called the group's
A. Income share. B. Gini coefficient. C. Functional distribution of income. D. Market share.