Refer to Table 19-21. Consider the following data for a simple economy: Calculate nominal GDP and real GDP for 2016, using 2014 as the base year. Show your work
What will be an ideal response?
Nominal GDP for 2016 equals (250 × $21 ) + (2,300 × $2 ) + (50 × $140 ) = $16,850.
Real GDP for 2016 equals (250 × $20 ) + (2,300 × $1 ) + (50 × $200 ) = $17,300.
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Refer to Figure 11-13. The lines shown in the diagram are isocost lines. Which of the following shows an increase in the price of labor while the price of capital remains unchanged?
A) the movement from BF to CE B) the movement from BF to BD C) the movement from AF to BD D) the movement from AF to CE
Research suggests that about ________ percent of people living under the poverty line in any given year are chronically poor.
A. 8 B. 13 C. 38 D. 3
You own 10000 bu of wheat in Chicago. You would make the greatest loss if which of the following occurred very quickly?
A. The wheat was hedged and cash price rose $0.50/bu while your basis weakened by $0.15/bu B. The wheat was unhedged and cash price fell by $0.10/bu C. The wheat was hedged and cash price fell $1.00/bu and your basis strengthened by $0.15/bu D. There were no gains in any of the above
Recall the Application about the effects of increasing state level Earned Income Tax Credit (EITC) on child health in the United States to answer the following question(s).Recall the Application. According to the study cited in the Application, a $100 increase in the value of the state EITC causes a decrease in the probability that a child is in fair or poor health by ________ percentage points.
A. 1.2 B. 7.6 C. 9.9 D. 0.5