The GDP price index can be interpreted as
A) (nominal GDP - real GDP) ÷ 100.
B) (real GDP ÷ nominal GDP) × 100.
C) (real GDP - nominal GDP) ÷ 100.
D) (nominal GDP + real GDP) ÷ 100.
E) (nominal GDP ÷ real GDP) × 100.
E
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The figure above represents the relationship between output and cost in an industry with an external cost. When output is at D, what distance represents the marginal external cost?
A) AB B) BC C) CD D) BD E) None of the above answers is correct.
Refer to Table 21-2. Using the table above, what is the approximate average annual growth rate from 2013 to 2016?
A) -1% B) 1% C) 2% D) 4%
Which of the following goods or services is most likely to have an elastic demand in the short run?
a. Electricity b. Gasoline c. Milk d. Toyota 4-Runner SUV
If the MRP of labor were $50 and the wage rate were $100,
A. exactly the right amount of labor is being used. B. not enough labor is being used. C. only half as much labor is being used as should be used. D. too much labor is being used.