For this question, assume that 1980 is the base year. Given macroeconomic conditions in the United States over the past three decades, we know that
A) nominal GDP is always smaller than real GDP since 1980.
B) real GDP and nominal GDP would be equal for the entire period.
C) real GDP is larger than nominal GDP from 2002 to 2008.
D) real GDP and nominal GDP were equal in 1980.
E) none of the above
D
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Which of the following is a TRUE statement?
A) The most important source of economic growth is the rate of population growth since a growing population stimulates demand for goods and services, and provides the labor to produce the goods and services. B) The most important sources of economic growth are the new ideas generated by entrepreneurs in an economic system that permits them to capture the rewards of their entrepreneurial activities. C) The most important sources of economic growth are the quantity and quality of the land and other natural resources a country controls. D) The most important source of economic growth is the extent to which the government directly enters into decisions where research and development activities should be directed and who should be involved in research and development activity.
At the market clearing price
A) there is neither a shortage nor a surplus. B) quantity supplied equals quantity demanded. C) the supply and demand curves intersect. D) all of the above are correct.
The selection of particular products' production processes
a. determines the output of other products made with those inputs at the same time. b. is part of the distribution problem in an economy. c. is accomplished without regard to profit in a laissez-faire economy. d. depends upon plans for distribution of the products.
Figure 15.2 depicts a one-mile stretch of beach with 100 swimmers distributed evenly along the beach. There are two ice cream vendors - 1 and 2 - on the beach selling an identical product. Assume that each swimmer buys only one ice cream cone and that they prefer to buy ice cream from the nearer vendor. If vendor 1 is at B while vendor 2 is at D, vendor 1 will sell ________ ice cream cones while vendor 2 sells ________ ice cream cones.
A. 45; 55 B. 50; 50 C. 55; 45 D. 60; 40