Answer the question on the basis of the following information: In the economy above, real GDP for year 3 is:
A. $512.
B. $428.
C. $480.
D. $691. AACSB:
Answer: C. $480.
You might also like to view...
All of the following describe trends in U.S. labor markets except:
A. a slowdown in real wage growth since the 1970s. B. substantial growth in real ages during the last century. C. substantial growth in the level of employment in the United States. D. growing wage equality in the United States in recent decades.
Economic freedom is a precondition for economic growth. Which of the following is a characteristic of economic freedom?
i. A democratic form of government ii. Property rights must be protected. iii. The government must support and pay for inventions and innovations. A) i only B) ii only C) Both ii and iii D) Both i and ii E) Both i and iii
The figure above illustrates a rental housing market in which there is a rent ceiling of $400 a month. The rent ceiling is strictly enforced. The number of apartments rented is
A) less than 2 thousand. B) 2 thousand. C) 3 thousand. D) 4 thousand.
Monopolistically competitive firms constantly develop new products in an effort to
A) make the demand for their product more elastic. B) increase the demand for their product. C) increase the marginal cost of their product. D) None of the above are correct.