Suppose an economy produces only burgers and bags of fries. In 2010, 4000 burgers are sold at $3 each and 6000 bags of fries are sold at $1.50 each. In 2008, the base year, burgers sold for $2.50 each and bags of fries sold for $2 each
a. nominal GDP is $22,000, real GDP is $21,000, and the GDP deflator is 95.45.
b. nominal GDP is $22,000, real GDP is $21,000, and the GDP deflator is 104.77.
c. nominal GDP is $21,000, real GDP is $22,000, and the GDP deflator is 95.45.
d. nominal GDP is $21,000, real GDP is $22,000, and the GDP deflator is 104.77.
c
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The total adult population of an economy is 175 million, the number of employed is 122 million, and the number of unemployed is 17 million. The percentage of adults who are not in the labor force is
A. 30.3%. B. 13.9%. C. 20.6%. D. 25.3%.
The above figure shows a linear (straight-line) demand curve. Starting at point A and then moving to point B and then point C, the price elasticity of demand
A) increases. B) decreases. C) increases and then decreases. D) decreases and then increases.
The per se rule was introduced in the:
a. Standard Oil case. b. U.S. Steel case. c. American Tobacco Trust case. d. Alcoa case.
Which of the following events would definitely cause a decrease in the equilibrium price of cotton shirts?
What will be an ideal response?