Using the data in the above table, what is the real GDP for year 2010 (in billions of constant dollars)?
A. 9,250
B. 8,950
C. 8,500
D. 7,708
Answer: B
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Direct transfer programs
a. are generally less efficient and less politically acceptable than subsidy programs b. are generally more efficient and more politically acceptable than subsidy programs c. are generally less efficient but more politically acceptable than subsidy programs d. are generally more efficient but less politically acceptable than subsidy programs e. will generally result in increased production by the group being subsidized
The allocative function of price cannot operate unless there is:
A. a significant barrier to entry. B. either free entry or free exit. C. both free entry and free exit. D. neither free entry no free exit.
A recessionary gap exists when AD and SRAS
A) fail to intersect. B) intersect to the right of Natural Real GDP. C) intersect to the left of Natural Real GDP. D) both have a positive slope.
You own Star Wars - The Last Jedi on DVD. The opportunity cost of watching this DVD for the fourth time
A. is zero, since you own it. B. is one-fourth the cost of the DVD, as this is the fourth time you have watched it. C. must be the same as the opportunity cost of watching it the first time. D. is the value of the alternative use of the time you spend watching the DVD.