If nominal GDP for 2012 is $6400 billion and real GDP for 2013 is $6720 billion (in 2012 dollars), then the growth rate of real GDP is
A. 50%.
B. 0.5%.
C. 0%.
D. 5%.
Answer: D
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When the demand for housing slumps, carpenters might expect their incomes to fall
a. True b. False
Being a first mover means:
A) Being the first firm to offer a product in a particular market. B) Being successful. C) Asking for failure. D) Nothing unless the firm continues to be the first mover. E) That there is never a benefit to not being the first mover.
A game involving two players with two possible strategies is a prisoner's dilemma if each player has a dominant strategy and:
A. each player's payoff is higher when both play their dominant strategy than when both play their dominated strategy. B. there is a Nash equilibrium that yields the highest payoff for both players. C. each player's payoff is higher when both play their dominated strategy than when both play their dominant strategy. D. neither player plays their dominant strategy.
Recall the Application about the British experience with private water companies in the nineteenth century to answer the following question(s).Recall the Application. Based on the British experience with water distribution, the most efficient way to provide water is through:
A. a regulated monopoly. B. a duopoly. C. an unregulated monopoly. D. perfect competition.