The GDP gap measures the amount by which:
A. Nominal GDP exceeds real GDP
B. Actual GDP exceeds equilibrium GDP
C. Potential GDP exceeds actual GDP
D. Actual GDP exceeds national income
C. Potential GDP exceeds actual GDP
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Use the following table to answer the question below.Price per UnitQuantity Demanded per YearQuantity Supplied per Year$52,0000101,800300151,600600201,400900251,2001,200301,0001,500In this competitive market, the price and quantity will settle at
A. $25 and 1,200 units. B. $10 and 1,800 units. C. $20 and 900 units. D. $15 and 1,600 units.
In June 2007 Monsanto acquired Delta & Pine Land Company, a company that had patented a seed technology nicknamed Terminator. This technology produces plants that have sterile seeds so they do not flower or grow fruit after the initial planting
Even though Monsanto has not used this technology commercially why might this be controversial if it decided to do so? What would be the purpose of the company employing such a technology?
The market supply function is P = 10 + Q and the market demand function is P = 70 - 2Q. What is the change in consumer surplus associated with a minimum floor price of $30?
A) Zero B) -$100 C) -$30 D) -$55
The equation of exchange is an accounting identity, not an economic theory
a. True b. False Indicate whether the statement is true or false