The year chosen for the weights in a fixed weight procedure is known as the
A. bilateral year.
B. base year.
C. nominal year.
D. fiscal year.
Answer: B
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Using the data in the above table, if income is on the x-axis and the amount spent on restaurant meals is on the y-axis, the graph of the two variables would be
A) upward sloping. B) downward sloping. C) vertical. D) horizontal.
Special interest group Z receives a 1/200th slice of the economic pie. Its net benefit from both an economic growth policy and a transfer policy is $60,000. How much does the size of the economic pie (Real GDP) need to grow before group Z is indifferent between the two policies?
A. $300 B. $120,000 C. $120,000,000 D. $12,000,000 E. none of the above
Refer to the figure above. Quota rents equal
A) $2000. B) $5000. C) $6000. D) $10000.
An economy's production possibilities frontier is fixed in the long run
a. True b. False