Suppose 2010 is the base year. From 2010 to 2020, the price index increases from 100 to 102.5. If nominal Gross Domestic Product (GDP) is $2,800 in 2020, then the real Gross Domestic Product (GDP) in 2020 is
A. $2,870.
B. $2,700.
C. $2,800.
D. $2,732.
Answer: D
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With labor migration, the destination country experiences:
A. An increase in output and a rising wage rate B. An increase in output and a falling wage rate C. A decrease in output and a falling wage rate D. A decrease in output and a rising wage rate
The currency—deposit ratio is determined by
A) banks. B) the public. C) the Federal Reserve. D) Congress.
The demand for classical music is _______________ than is the demand for Beethoven's music because _______________.
A. less price elastic; classical music requires a smaller portion of one's income B. more price elastic; classical music requires a smaller portion of one's income C. less price elastic; the scope of the market for classical music is more broadly defined D. more price elastic; the scope of the market for classical music is more broadly defined
Which is NOT an example of signaling high quality in a social setting
a. wearing a business suit on a job interview b. scrimping on the tip for the waiter after a dinner date c. offering an expensive engagement ring to your bride d. Visiting the beauty salon before a big date