Refer to the scenario above. The nominal GDP of the country for Year 2 was ________
A) $180,000 B) $174,000 C) $1,920,000 D) $2,510,000
C
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Your friend is preparing for this exam and in your practice session makes the following statement: "Instead of attending microeconomics class for two hours, Kiki could have played tennis or watched a movie
Therefore, the opportunity cost of attending class is the tennis and the movie she had to give u
If an exhaustible resource is scarce, has constant marginal cost over time, and is sold in a competitive market, then
A) its price increases over time. B) its price will not be a function of the interest rate. C) its price moves independently of past prices. D) its price equals marginal cost.
Which of the following would cause the demand for carpenters to increase?
a. a decrease in immigration b. an increase in the demand for housing c. an increase in the price of lumber d. a decrease in the productivity of carpenters
Economic theory posits that a resource which is finite and being depleted will rise in price continuously, and demand will be reduced. In fact, a recent study, graphing the price behavior of lead, zinc and copper found that until about 2007, a. prices rose steadily, as predicted
b. prices dropped precipitously. c. prices remained remarkably stable. d. prices were up and down with no discernible pattern.