Based on the table "Real and Nominal GDP," if year one is the base year, then the nominal GDP in year two, is ________
A) 8250
B) 5000
C) 7200
D) 7500
E) none of the above
E
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Which of the following is true of a perfectly competitive market?
a. If economic profits are earned then the price will fall over time. b. In long-run equilibrium P = MR = SRMC = SRATC = LRAC. c. A constant-cost industry exists when the entry of new firms has no effect on their cost curves. d. All of these.
One way fiscal policy affects aggregate demand is:
A. directly through government spending. B. directly through tariffs. C. directly through taxation. D. All of these are true.
If a change in investment spending is due to a change in the price level, then the aggregate demand curve will shift
a. True b. False
The three most important sources of federal tax revenue in order of descending importance are:
A. sales, payroll, and personal income taxes. B. personal income, corporate income, and sales taxes. C. personal income, corporate income, and payroll taxes. D. personal income, payroll, and corporate income taxes.