In 2010, gross private domestic investment constituted ________ percent of nominal GDP
A) 70.4
B) 12.4
C) 18
D) -5.4
B
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A tax levied on the purchase of a specific good or service is
A) an excise tax. B) a consumption tax. C) a purchase tax. D) a value tax.
Differences in income can be accounted for by differences in: a. age
b. education. c. preferences toward leisure. d. all of the above.
If price is above average variable cost and below average total cost, a profit-maximizing price taker should
a. immediately shut down; failing to do so is contrary to the idea of profit maximization in a competitive market. b. continue producing as long as it expects the market price to rise above average total cost in the near future. c. attempt to push price upward by slowly reducing output. d. cut price so more units can be sold.
Calculate inflation between 2018 and 2019 if the GDP deflator was 115 in 2018 and 130 in 2019.
What will be an ideal response?