In 2010, the United States had a nominal GDP of $14,958 billion and a real GDP of $13,598 billion, what was the GDP deflator?
a. 100
b. 109
c. 110
d. 111
c. 110
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"Last October, due to an early frost, the price of a pumpkin increased by 10 percent compared to the price in the previous Halloween seasons. As a result, the quantity demanded county-wide decreased from 2 million to 1.5 million"
Based on this statement, the A) demand for pumpkins is elastic. B) demand for pumpkins is inelastic. C) demand for pumpkins is unit elastic. D) demand curve for pumpkins shifted rightward.
Housing is the largest component of the U.S. CPI market basket
Indicate whether the statement is true or false
What is the principal-agent problem?
A) It is a problem caused by a person (principal) who hires an agent to act on his behalf but is unwilling to delegate authority to the agent to carry out the task in the best possible way. B) It is a problem of the power system of boss and subordinate where the boss (principal) exerts influence over his subordinates (agents) using punishment or threat. C) It is a problem that exists when a person (principal) has more information about the task than the agent he hires to perform the task. D) It is a problem caused by agents pursuing their own interests rather than the interests of the principals who hired them.
The labor supply curve
A) is unit elastic. B) shows the relationship between the wage rate and the quantity of labor supplied. C) shows the quantity of jobs supplied at various wage rates. D) is U-shaped.