Which of the following statements is true?
a. Nominal GDP = (price index ? real GDP) ? 100
b. Nominal GDP = (real GDP ? price index) ? 100
c. Real GDP = (price index ? nominal GDP) ? 100
d. Real GDP = (nominal GDP ? price index) ? 100
e. Price index = (real GDP ? nominal GDP) ? 100
D
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In the figure above, if 4 million computers are produced per year then the ________ should be produced to achieve the allocatively efficient use of resources
A) marginal cost of a computer exceeds the marginal benefit of a computer, so more computers B) marginal cost of a computer exceeds the marginal benefit of a computer, so fewer computers C) marginal benefit of a computer exceeds the marginal cost of a computer, so more computers D) marginal benefit of a computer exceeds the marginal cost of a computer, so fewer computers
________ behavioral assumption about humans was that people usually act in a rational, self-interested way
A) Adam Smith's B) Janet Yellen's C) Karl Marx's D) Thomas Malthus's
The term "import" refers to:
a. a purchase of goods or services from another country. b. a business transaction between two or more domestic firms. c. a sale of goods or services to another nation. d. a tax on foreign merchandise. e. a trade agreement between two industrial countries.
The condition of scarcity:
a. prevails in poor economies. b. cannot be eliminated. c. prevails in rich economies. d. All of these choices are correct.