Bananaland produces only bananas and sunscreen and the quantities and prices for 2012 and 2013 are given in the table above. The base year is 2012. Nominal GDP in 2012 is equal to
A) $500.
B) $625.
C) $640.
D) $800.
E) $100.
A
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Which of the following questions is a topic that would be studied by microeconomics?
A) Why did production and the number of jobs shrink in 2009? B) Will the current budget deficit affect the well-being of the next generation? C) How will a lower price of digital cameras affect the quantity of cameras sold? D) What is the current unemployment rate in the United States?
Which of the following explain(s) better the fact that computers are cheaper now than 10 years ago?
a. c and d. b. c and e. c. The technology used in the production of computers has improved during this period. d. Resources used in the production of computers have become cheaper during this period. e. The demand for computers has increased substantially during this period.
Which of the following types of countries has experienced decreasing inequality in recent decades?
A. Rich countries B. Countries with high economic growth C. Countries with low economic growth D. None of these has experienced decreasing inequality.
If government regulators want a natural monopolist to earn only zero economic profit, they will set price equal to:
A. average total cost (ATC). B. marginal cost (MC). C. average fixed cost (AFC). D. average variable cost (AVC).