The table above gives the production and prices for a small nation that produces only bread and soda. The base year is 2010. What is real GDP in 2010?
A) $530
B) $1080
C) $510
D) $210
E) $300
C
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The relationship between the number of hours a student studies for an exam and the exam grade is most likely graphed as
A) a line sloping down from upper right to lower left. B) a line sloping down from upper left to lower right. C) a line sloping up from lower left to upper right. D) a line sloping up from lower right to upper left.
The CPI and the GDP deflator
a. generally move together. b. generally show different patterns of movement. c. always show identical changes. d. always show different patterns of movement.
During the early years of the Reagan administration, some of the presidential advisors argued that tax cuts could reduce inflation because they would give people an incentive to produce more. Critics of this argument believed that tax cuts would increase inflation, not reduce it. The critics were arguing that tax cuts move the:
A. long-run aggregate supply curve to the right with little change in aggregate demand. B. aggregate demand curve to the right with little change in long-run aggregate supply. C. aggregate demand curve to the left with little change in long-run aggregate supply. D. long-run aggregate supply curve to the left with little change in aggregate demand.
Higher unemployment and higher inflation rates will most likely occur with
A. A rightward shift of the aggregate supply curve. B. A leftward shift of the aggregate demand curve. C. A rightward shift of the aggregate demand curve. D. A rightward shift of the Phillips curve.