If the GDP deflator is less than 100, then for that year, nominal GDP ________ real GDP
A) equals
B) is greater than
C) is less than
D) may be greater than or less than
Answer: C
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When one individual writes a check to another individual the money supply will not be changed
Indicate whether the statement is true or false
Imagine you are a buyer in a double oral auction with a reservation value of $10 and there is a seller asking $8
a. How much will you gain from accepting this offer? b. If you are the only buyer, and you know that the lowest ask price is $2, should you accept this offer?
Jim is planning on attending a football game that costs $40 . He will have to take the day off from the work losing 8 hours of work. His hourly wage is $10 . He estimates it will cost him around $20 for gas and parking at the game. Jim's total economic cost of attending the game equals
a. $80 b. $40 c. $20 d. $140
Adding globalization and large trade deficits to the standard AS/AD model creates:
A. increased domestic production and consumption. B. increased domestic production and reduced consumption. C. reduced domestic production and consumption. D. decreased domestic production and increased consumption.