Nominal GDP is calculated using
A. the market prices during the year under consideration.
B. the prices from some base year to adjust for price changes.
C. the prices from the preceding year.
D. the average of prices from the three preceding years.
Answer: A
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The U.S. Bureau of Labor Statistics forecasts that ________ fastest-growing occupations over the next 10 years will be in health care
A) less than 2 of the 10 B) 13 of the 20 C) just under half of the D) over 95 percent of the
In the 1970s, savings and loan associations primarily earned their income from extending fixed-rate home loans. They extended many of these loans in the early 1970s when inflation was low. Were the savings and loans winners or losers as inflation skyrocketed in the late 1970s?
The major dilemma facing Boeing and Airbus is the
A) fact that neither will respond to the behavior of the other. B) certainty surrounding the reaction of each firm to the behavior of the other firm. C) fact that if each firm separately tries to maximize its profit, it might wind up with less profit that otherwise. D) competition from other firms that drives their economic profit to zero. E) fact that when they collude to maximize their profit, the other firm's profit might be larger than its profit.
Exhibit 11-8 A labor market
If the labor market shown in Exhibit 11-8 is a monopsony, the wage rate and number of workers employed will be determined at point:
?
A. F. B. B. C. C. D. D.