To determine real GDP, divide nominal GDP by the
a. current values of goods and services.
b. final goods and services.
c. GDP deflator.
d. value of GDP.
c. GDP deflator.
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The production possibilities frontier is a boundary that separates
A) fair combinations of goods and services that can be consumed from unfair ones. B) the combinations of goods that can be produced from the combinations of services. C) attainable combinations of goods and services that can be produced from unattainable ones. D) affordable production points from unaffordable points. E) equitable combinations of goods and services that can be produced from inequitable ones.
State sales taxes are operated as a system of
A) ad valorem taxation. B) unit taxation. C) income taxation. D) revenue minimizing taxation.
It is possible to represent three dimensions on a two-dimensional graph by using
a. a contour map. b. a razor blade. c. curved lines. d. all of the above.
Refer to Figure 19.2. With no budget constraint, a rational consumer will consume
A. 1 apple. B. 0 apples. C. 6 apples. D. an infinite number of apples.