If a country had a nominal GDP of $753 million, and the GDP deflator was 110, what is the real GDP?
a. $685 million
b. $828 million
c. $836 million
d. $863 million
a. $685 million
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In the above figure, if income is $8, the initial price of a soft drink is $1, and the initial price of a milkshake is $2, a decrease in the price of a milkshake to $1 will move the consumer from point ________ to point ________
A) a; b B) b; c C) a; d D) a; c
In a closed economy, private saving is equal to which of the following? (Y = GDP, C = Consumption, G = Government purchases, T = Taxes, and TR = Transfers)
A) Y + TR - C - T B) Y - C - T C) Y - G - T + TR D) Y - G - T
Minimum-wage laws benefit society by creating a surplus of labor
a. True b. False Indicate whether the statement is true or false
Refer to the diagram. The initial demand for and supply of pesos are shown by D 1 and S 1 . The exchange rate will be:
A. M dollars for one peso.
B. B pesos for one dollar.
C. A dollars for one peso.
D. C dollars for one peso.