Assume an economy produces only footballs and baseballs and the base year is 2016. Quantities ProducedPrices?2016201720162017Hamburgers200300$20$25Hot dogs500600$10$15Given the data in the table above, what is the value of nominal GDP in 2017?
A. $10,000
B. $12,500
C. $16,500
D. $12,000
Answer: C
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Adam Smith argued that each person in a competitive market is led to promote the
A) efficient use of society's resources, because each person's intention is to make society better off. B) efficient use of society's resources, even though it is no person's intention to make society better off. C) inefficient use of society's resources, even though each person's intention is to make society better off. D) inefficient use of society's resources, because it is no person's intention to make society better off.
Gross domestic product is a measure of both
a. the market value of a nation's capital assets (physical capital) and the costs that were incurred producing those assets. b. the expenditures on and sales revenues derived from all goods and services exchanged during a period. c. the market value of the output produced during a period and the cost of producing that output. d. the asset holdings of people and the happiness that they derived from the ownership of those assets.
Which of the following persons is most likely to become informed on the National Endowment for the Arts?
A) an attorney B) a mayor of a city C) a farmer D) a student of agriculture E) a sculptor
Suppose that Jeremy has a fixed income of $150 per month, which he spends entirely on movies and books. The price of movies is $5 and the price of books is $15. Which of the following combinations does not exhaust his budget?
A. 3 books and 21 movies B. 6 books and 12 movies C. 5 books and 17 movies D. 4 books and 18 movies