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 rate of inflation between 2001 and 2002 using the CPI was
A. 2.65 percent.
B. 3.40 percent.
C. 2.58 percent.
D. 2.02 percent.
Answer: A
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According to Keynes
A) consumption is directly related to income but saving has no relationship with income. B) consumption is directly related to income but saving is inversely related to income. C) both consumption and saving are positively related to real disposable income. D) consumption is positively related to the interest rate.
If the production possibilities frontier of one trade partner ("Country A") is bowed out (concave to the origin), then increased specialization in production by that country will
A) increase the economic welfare of both countries. B) increase the economic welfare of only Country A. C) decrease the economic welfare of Country A. D) decrease the economic welfare of Country B. E) not affect the economic welfare of either country.
Central planning is a key characteristic of which economic system?
A) free market B) price system C) command and control D) mixed economic system
If a person owns 2,000 shares in a corporation that has issued 200,000 shares of stock, that person owns ____ of the company and is entitled to ____ of the dividends.
A. 1 percent; 1 percent B. 2 percent; 2 percent C. 10 percent; 10 percent D. 20 percent; 20 percent