Identify the correct formula for the GDP price index
a. Normal GDP x 100Real Prices
b. Real Prices x 100Nominal GDP
c.Nominal GDP x 100Real GDP
d.Real GDP x 100Nominal GDP
c
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You are likely to learn about ________ in your macroeconomics class
A) the price elasticity of demand for a good B) the average revenue and cost curves of a firm C) the Law of Diminishing Marginal Utility D) the annual growth rate of an economy's output
Halibut tends to be much more expensive than cod. According to the economic way of thinking, relatively high halibut prices can be explained by
A) using the theory of supply and demand. B) pointing out the cause—Halibut boats are often more expensive than boats used to fish for cod. C) acknowledging the price differential is unfair to consumers of halibut. D) acknowledging the price differential is unfair to cod fishermen.
An economist estimated the cross-price elasticity for peanut butter and jelly to be -1.5 . Based on this information, we know the goods are a. inferior goods. b. complements. c. inelastic
d. substitutes.
Which cost curve is continually falling as output increases?
a. the average total cost curve b. the total cost curve c. the average variable cost curve d. the average fixed cost curve