Use the following table to answer the next question. The base year is 2007. Hot DogsBaseballsBottles of SodaYearPriceQuantityPriceQuantityPriceQuantity2005$2.00100$5.0050$2.0010020064.001005.001002.0015020076.001005.001002.0020020088.001508.002004.00200200910.0020010.002004.00250Real GDP (constant dollars) for 2009 equals ________.
A. $5,000
B. $2,300
C. $3,600
D. $2,700
Answer: D
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Which of the following is NOT an economic resource?
A) money B) low-skilled labor C) coal D) an engineer
A firm that can sell as much as it can produce at the market price is likely operating in:
A. a perfectly competitive market. B. a monopoly. C. a monopolistically competitive market. D. an oligopoly.
In economics, the concept of surplus:
A. measures the benefit that people receive when they sell something for more than they would have been willing to accept. B. is the best way to look at the benefits people receive from successful transactions. C. measures the benefit that people receive when they buy something for less than they would have been willing to pay. D. All of these are true.
Uncertainty about the future is likely to
A. decrease current spending. B. increase current spending. C. have no impact on current spending. D. either increase or decrease current spending.