The table above has information about an economy. Using this information, GDP equals
A) $6,500 billion.
B) $7,800 billion.
C) $7,000 billion.
D) $8,500 billion.
E) some amount that cannot be calculated without information on the amount of government expenditures.
B
You might also like to view...
Unlimited wants need not be a problem if
A. resources are also unlimited. B. resources are flexible in what they can do. C. resources are basic energy resources like oil. D. resources are human resources such as skilled labor.
The classical errors-in-variables (CEV) assumption is that _____.
A. the error term in a regression model is correlated with all observed explanatory variables B. the error term in a regression model is uncorrelated with all observed explanatory variables C. the measurement error is correlated with the unobserved explanatory variable D. the measurement error is uncorrelated with the unobserved explanatory variable
When an economy sacrifices production of consumption goods to produce more capital goods, we would expect that the production possibilities curve will
A. shift about in random fashion. B. become a straight line. C. shift outward. D. shift inward.
In 2008, a former Intel engineer has been charged with stealing trade secrets worth $1 billion. Intel owns 90 percent of the worldwide market for microprocessors, AMD has the rest
Conducting R&D is very expensive so suppose that each of these firms can either steal R&D or develop their own R&D. If both firms develop their own R&D, economic profit will be $50 million each. If one company steals R&D, that firm earns $100 million in economic profit while the other firm earns $10 million. If both firms steal R&D, each firm breaks even. What is NOT true about this game? A) The outcome will not be a dominant strategy equilibrium. B) A strategy is to steal R&D. C) A firm will make more profit if it steals R&D. D) A strategy is to conduct R&D.