Based on the table "Real and Nominal GDP," if year one is the base year, then the real GDP in year two, is ________
A) 5000
B) 5250
C) 5900
D) 6175
E) none of the above
C
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The national income accounting system measures economic activity based on the concept of _____
a. absolute advantage of different industries in an economy b. the circular flow of precious metal and money through the different sectors of an economy c. comparative advantage of different industries in an economy d. the circular flow of output and income through the different sectors of an economy e. the circular flow of labor and other resources through the different sectors of an economy
The two Keynesian assumptions in the aggregate supply and aggregate demand model are the importance of:
a. aggregate demand and the stickiness of wages and prices. b. aggregate supply and the stickiness of wages and prices. c. aggregate demand and the flexibility of wages and prices. d. aggregate supply and the flexibility of wages and prices.
Monopolistic competition is characterized by many buyers and sellers, product differentiation, and barriers to entry
a. True b. False Indicate whether the statement is true or false
How did information asymmetries in the home mortgage market contribute to the financial crisis of 2007-2009?
What will be an ideal response?