The nominal GDP of Year 1 is
A) $800.
B) $1050.
C) $1900.
D) $2400.
A
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A market system works very well in solving some basic problems of the economy but it fails in some cases. Provide examples.
What will be an ideal response?
Refer to Table 19-20. Given the following information, calculate the rate of increase in the price level from 2015 to 2016
A) 8.6% B) 7.9% C) -7.9% D) -8.6%
Which of the following institutional changes contributed to the high rate of development in European and North American countries?
a. An increase in government intervention in production and consumption of goods and services through taxes and subsisidies b. An increase in governments' support to monopolistic firms and businesses c. An increase in government ownership of resources d. Stricter enforcement of private property rights
If the export supply curve of tomatoes and the import demand curve of tomatoes of Luxembourg intersect at the international price level of tomatoes, then Luxembourg will suspend trading tomatoes in the international market
a. True b. False Indicate whether the statement is true or false