Table 7.2GDP for Newland?Nominal GDP(in billions of dollars)GDP deflatorCPI2001$5,900120.1128.320026,300123.0131.720036,800126.3136.5Based on Table 7.2, the real GDP for 2003 was
A. $8,588.4 billion.
B. $4,981.7 billion.
C. $5,384.0 billion.
D. $9,282.0 billion.
Answer: C
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The prediction by the American Medical Association of a shortage of physicians by the year 2020 assumes
A) physicians' fees will not rise to a market clearing level. B) physicians' services will be free goods. C) physicians' services will no longer be scarce. D) physicians will be willing to work for less income.
At Tony's Car Wash, a team of four workers washes and rinses each car by hand, and one worker dries the car by hand. Which of the following is true?
a. Tony will have no principal-agent problems. b. Tony will have more principal-agent problems in washing and rinsing than in drying the cars. c. Tony will have more principal-agent problems in drying than in washing and rinsing the cars. d. Tony will be awash in severe principal-agent problems. e. Tony will have no incentive to monitor the car wash.
Other things equal, an increase in the consumer confidence index tends to raise the average propensity to consume
a. True b. False Indicate whether the statement is true or false
Which one of the following topics would be of the most interest to a public choice economist?
A. The theory of comparative advantage. B. The law of increasing opportunity cost. C. Inflation and unemployment. D. Rent-seeking behavior.