Refer to the data. The nominal GDP for year 3 is:
Assume an economy that is producing only one product. Output and price data for a three- year period are as follows. Answer the question on the basis of these data.
A. 125 percent higher than the nominal GDP for year 1.
B. 50 percent higher than the nominal GDP for year 1.
C. $120.
D. $30.
A. 125 percent higher than the nominal GDP for year 1.
You might also like to view...
Queuing is a way to ration goods
A) on a first-come, first-serve basis. B) through prices. C) through the use of political power. D) through markets.
If the official unemployment rate increases from December to January because the Christmas season is over, we can conclude that _____ is responsible for the increase
a. seasonal unemployment b. cyclical unemployment c. structural unemployment d. frictional unemployment e. underemployment
"The water that comes out of your faucets at home is not supplied by a competitive firm.". Explain why this statement is correct
In addition to the consumer price index, the Bureau of Labor Statistics also calculates the
a. macroeconomic price index. b. producer price index. c. rental unit price index. d. terms of trade.