Suppose we switch the base year from 2000 to 2008. This change in the base year will cause
A) nominal GDP in every year to increase.
B) nominal GDP in every year to decrease.
C) both nominal and real GDP in every year to decrease.
D) real GDP in every year to decrease.
E) none of the above
E
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Refer to the scenario above. What will be the difference in the GDP per capita of both countries at the beginning of year 2012?
A) $30.39 B) $99.84 C) $8.99 D) $339.69
All else equal, when oil prices increase, oil exploration processes like horizontal drilling become more advantageous for oil companies, and this will ________ proven reserves of oil and ________ the number of years it will take to deplete the stock
of oil. A) increase; increase B) increase; decrease C) decrease; increase D) decrease; decrease
After computing the social savings from the railroads, Fogel concluded that ______
a. the railroads were indispensable to the economic development of the United States b. the railroads were not indispensable in 1850 but by 1890 were dispensable c. the railroads could explain only a small fraction of the growth in real income in the United States d. economics is not sufficiently scientific to make a meaningful calculation of the social savings
Clear-cut mutual interdependence with respect to the price-output policies exists in:
A. pure monopoly. B. oligopoly. C. monopolistic competition. D. pure competition.