Real GDP in 2015 is $10 trillion. Between 2015 and 2016, using 2015 prices, GDP grew 3 percent and using 2016 prices real GDP grew 7 percent. Using the chain-weighted output index method, real GDP in 2016 is ________ trillion
A) $10.5
B) $11
C) $10.1
D) $12.72
A
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Suppose a publisher faces the following costs of producing 10,000 newspapers each month: $5,500 cost of labor; $2,200 monthly mortgage payment; $250 cost of electricity to run the printing presses; $800 for ink and paper; and $200 in city property taxes (based on the value of the building and land). Its total variable costs are
a. $8,950 b. $8,750 c. $6,550 d. $6,300 e. $5,500
The resource curse is:
A. the curse that countries that have an abundance of resources tend to have lower economic growth compared to countries with fewer natural resources. B. the curse of many developing countries-they have few natural resources and their economies cannot grow. C. the curse that countries that have fewer resources tend to have lower economic growth compared to countries with abundant natural resources. D. an economic theory that has yet to be developed because there are no examples in the real world.
Which of the following is true when a country's trade position is balanced (i.e., NX = 0)?
A) Demand for domestic goods is equal to the domestic demand for goods. B) Demand for domestic goods is greater than the domestic demand for goods. C) Demand for domestic goods is less than the domestic demand for goods. D) Neither a budget surplus nor deficit exists (i.e., G - T = 0).
Social costs are
A. the costs associated with reaching and enforcing agreements. B. private costs plus any external costs. C. costs incurred when common property is used. D. the costs of the externality only.