If the nominal gross domestic product (GDP) for the year 2000 was $6.2 trillion and the price index was 200, the real gross domestic product (GDP) for 2000 was _____
a. $3.1 trillion
b. $6.2 trillion
c. $12.4 trillion
d. $18.6 trillion
e. $24.3 trillion
a
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A perfectly competitive firm does not try to sell more of its product by lowering its price below the market price because
A. its competitors would not permit it. B. its demand curve is inelastic, so total revenue will decline. C. this would be considered unethical price chiseling. D. it can sell all it wants to at the market price.
If the total revenue collected by the federal government in a particular year is $1.2 billion and the total amount spent by the government during the same year is $3.8 billion, what is the budget deficit?
A) $1.6 billion B) $2.6 billion C) $2.2 billion D) $5 billion
Suppose the population of Tiny Town is 100 people and the working age population is 70. If 10 of these people are unemployed, the unemployment rate in Tiny Town is
A) 10 percent. B) 10/70 × 100. C) 10/80 × 100. D) There is not enough information provided to calculate the unemployment rate.
At the competitive equilibrium with a positive proportional labor income tax
A) the real wage after tax exceeds the marginal product of labor. B) the real wage after tax equals the marginal product of labor. C) the real wage after tax is lower than the marginal product of labor. D) We cannot say.