Use the following table to answer the next question. GDP figures are in billions of dollars. YearNominal GDPReal GDPPrice Index15,2004,800--25,500--11235,7505,000--What was real GDP in year 2?
A. $4,820 billion
B. $4,875 billion
C. $5,320 billion
D. $4,911 billion
Answer: D
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The basic difference between macroeconomics and microeconomics is that
a. macroeconomics is concerned with the forest (aggregate markets), while microeconomics is concerned with the individual trees (subcomponents). b. macroeconomics is concerned with policy decisions, while microeconomics applies only to theory. c. microeconomics is concerned with the forest (aggregate markets), while macroeconomics is concerned with the trees (subcomponents). d. opportunity cost is applicable to macroeconomics, and the fallacy of composition relates to microeconomics.
The loss in total surplus resulting from a tax is called
a. a deficit. b. economic loss. c. deadweight loss. d. inefficiency.
During which of the following decades was the debt-to-GDP ratio generally highest in the United States?
A) 1930s B) 1940s C) 1960s D) 1980s E) 1990s
A recession is a decline in:
A. The inflation rate that lasts six months or longer B. The unemployment rate that lasts six months or longer C. Real GDP that lasts six months or longer D. Potential GDP that lasts six months or longer