Real GDP is the value of all __________ goods and services produced in a given year in __________ prices
A) intermediate; that year's
B) intermediate; base-year
C) final; that year's
D) final; base-year
D
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Jane is a top-level executive and is very rich. Jane just ordered a car only to be told that she will have to wait three weeks for it to be delivered. Which of the following statements is true?
A) The car is not a scarce good. B) The car is a scarce good. C) Because Jane has unlimited funds, she incurs no opportunity cost in buying the car. D) Jane paid too much for a car that wasn't ready on time
Which of the following is most likely to be an implicit cost for Company X?
A. Rental payments on IBM equipment B. Transportation costs paid to a nearby trucking firm C. Forgone rent from the building owned and used by Company X D. Payments for raw materials purchased from Company Y
What percentage of African Americans are uninsured?
A. 80 B. 3 C. 37 D. 21
Which of the following exchange rates between the dollar and the peso would a Mexican buyer of American goods most prefer?
A) $0.10 = 1 peso B) $0.08 = 1 peso C) $0.06 = 1 peso D) $0.04 = 1 peso