If real GDP in a year was $3,668 billion and the price index was 112, then nominal GDP in that year was approximately:
A. $3,846 billion
B. $3,925 billion
C. $4,108 billion
D. $4,379 billion
C. $4,108 billion
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Demand curves often do not remain stationary; they shift because of changes in other variables.
Answer the following statement true (T) or false (F)
Autoworkers negotiate a wage increase. How does this change affect the supply curve of? cars?
A) It shifts the supply curve leftward. B) It shifts the supply curve rightward. C) It does not shift the supply curve or create a movement along it. D) The supply curve will shift but there is not enough information to tell if the change shifts the supply curve rightward, leftward, or not at all. E) It creates a movement downward along the supply curve.
In the short run, the marginal cost of the first unit of output is $20, the average variable cost of producing three units of output is $16, and the marginal cost of producing the second unit of output is $16. What is the marginal cost of producing the third unit of output?
A. $12 B. $16 C. $20 D. $48
When quantity supplied is very responsive to a change in price, supply is
A) elastic. B) unit-elastic. C) inelastic. D) income sensitive.