If the average level of nominal income in a nation is $44,000 and the price level index is 175, the average real income would be about:
A. $18,857
B. $25,143
C. $44,000
D. $77,000
B. $25,143
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Refer to Table 2-12. Does either Guatemala or Honduras have an absolute advantage and if so, in what product?
A) Honduras only has an absolute advantage in producing sailboats. B) Guatemala has an absolute advantage in producing both products. C) Guatemala only has an absolute advantage in producing canoes. D) Honduras only has an absolute advantage in producing canoes.
The distribution of income in the United States has grown substantially more unequal since about
A. 1970 B. 1980 C. 1990 D. 2000
Wants are unlimited and
a. constant b. free c. never fulfilled d. ever changing
How might a similar pie chart drawn up for the GDP deflator compare?
a. There would be more segments to the pie and the proportions would vary.
b. There would be the same number of segments, but the proportions would vary.
c. There would be fewer segments to the pie and the proportions would vary.
d. There would be the same number of segments and the proportions would remain the
same.