To compare the change in physical production (GDP) between 2012 and 2018, we should compare ________ GDP in 2012 with ________ GDP in 2018.
A. current dollar; current dollar
B. real; nominal
C. real; real
D. nominal; nominal
Answer: C
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A Phillips curve shows the short-run relationship between
A) potential GDP and real GDP. B) the nominal interest rate and the real interest rate. C) tax rates and tax revenues. D) the unemployment rate and the inflation rate.
"When the balance of payments sums to zero is the only situation in which there is an equilibrium." Do you agree or disagree? Why?
What will be an ideal response?
Good A has an income elasticity equal to 0.4 and a cross price elasticity with respect to Good B of 1.2 . Then: a. Good A is an inferior good and Goods A and B are substitutes. b. Good A is an inferior good and Goods A and B are complements. c. Good A is a normal good and Goods A and B are substitutes
d. Good A is a normal good and Goods A and B are complements.
During hyperinflations, people desire to hold less money and will go to the bank more frequently. This waste of resources due to the high rate of inflation is known as _____
Fill in the blank(s) with correct word