Nominal GDP is $10,000 billion in 2011, but real GDP is only $9,000. It follows that:
a. the GDP deflator is equal to 111
b. the GDP deflator is equal to 100.
c. the GDP deflator is equal to 90.
d. prices must have decreased relative to the base year.
a
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During 2005, real GDP in Ireland grew 9.8 percent. If Ireland maintains this level of growth in the future, real GDP will double in approximately how many years?
What will be an ideal response?
If a 4 percent change in the price of a good leads to a 3 percent change in quantity demanded, the price elasticity of demand equals
A) 1.33. B) 0.75. C) 4.00. D) 3.44. E) None of the above answers is correct.
If a country is producing efficiently and is on the production possibilities frontier, producing more of one good would result in a movement along the frontier
Indicate whether the statement is true or false
The development of game theory was the work of
A. Joan Robinson and Edward Chamberlin. B. John von Neumann and Oskar Morgenstern. C. Wassily Leontief and Joseph Schumpeter. D. John Maynard Keynes.