If real GDP for 2009 is $6400 billion (in 2012 dollars) and nominal GDP for 2010 is $6720 billion, then the growth rate of real GDP is
A. unknown based on the given information.
B. 5%.
C. 0%.
D. 0.5%.
Answer: A
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Over half of government spending is discretionary spending
Indicate whether the statement is true or false
In the above figure, if output is 30 units, then the total deadweight loss is
A) $5. B) $10. C) $20. D) $60.
Suppose an American worker can make 20 pairs of shoes or grow 100 apples per day. On the other hand, a Canadian worker can produce 10 pairs of shoes or grow 20 apples per day. Which of the following statements is true?
A. The United States has a comparative advantage in the production of shoes. B. Canada has a comparative advantage in the production of shoes. C. Comparative advantage doesn't exist in this scenario. D. Both countries have a comparative advantage in the production of shoes.
An increase in the price of a product can sometimes represent an improvement in quality rather than inflation
a. True b. False Indicate whether the statement is true or false