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

Economics

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In the above figure, if output is 30 units, then the total deadweight loss is

A) $5. B) $10. C) $20. D) $60.

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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.

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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

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