Refer to Figure 1-2. Calculate the area of the triangle A
A) $1.3 million B) $2.6 million C) $3.4 million D) $5.2 million
B
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If the growth rate of real GDP and the rate of inflation in an economy are 2% and 1% respectively, the growth rate of nominal GDP in the economy must be:
A) 3%. B) 1%. C) 5%. D) 2%.
The goods or services that firms in an oligopoly sell:
A. are standardized. B. are not close substitutes. C. are either standardized or close substitutes. D. are close substitutes.
Economists believe that the CPI overstates actual price changes by as much as ________ to ________ percent each year.
A. 1; 2 B. 2; 3 C. 0.5; 1 D. 0.5; 1.5
Refer to the information provided in Table 24.7 below to answer the question(s) that follow.
Table 24.7All Numbers are in $ Million
Refer to Table 24.7. Assuming constant MPC, at income of $1,100 million, consumption is $________ million, and at income of $1,400 million, consumption is $________ million.
A. 760; 1,000 B. 740; 980 C. 720; 960 D. 780; 1,020