The GDP deflator is 100 times the ratio of ________
A) GDP to GNP B) GNP to GDP
C) real GDP to nominal GDP D) nominal GDP to real GDP
D
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Economics is a social science in the sense that it
a. rigorously examines human behavior. b. is not as scientific as physics. c. relies on historical data instead of mathematical data. d. relies on statistics instead of mathematics. e. All of the above are correct.
When the tax structure of a nation is progressive, as real incomes increase, the tax revenues of the government will
a. decline. b. increase by the same proportion as the increase in real income. c. increase by a larger proportion than the increase in real income. d. remain unchanged unless legislative action is undertaken.
What are the three main sets of factors that cause the supply and demand curves in the foreign exchange market to shift?
What will be an ideal response?
All of the following statements about asymmetric information are true except
A. asymmetric information can only be solved through government intervention. B. asymmetric information creates market failures because it makes it harder for individuals to engage in transactions that would take place in the presence of perfect information. C. asymmetric information occurs when one party to a transaction has relevant information to the transaction that the other party does not have. D. asymmetric information occurs in the market for used cars and in the insurance market.