Suppose that nominal GDP in 2016 was less than real GDP in 2016. Given this information, we know for certain that
A) real GDP in 2016 was greater than real GDP in the base year.
B) the price level in 2016 was less than the price level in the base year.
C) real GDP in 2016 was less than real GDP in the base year.
D) the price level in 2016 was greater than the price level in the base year.
B
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What is the relationship between marginal revenue and total revenue?
A. Total revenue equals marginal revenue multiplied by quantity sold B. Total revenue equals marginal revenue minus total costs C. Total revenue equals marginal revenue plus the price of all products sold D. Total revenue equals marginal revenue plus fixed costs plus variable costs
The market demand for wheat is Q = 100 - 2p + 1pb, where pb is the price of barley. If the price of wheat is $2, the price elasticity of demand
A) equals (-4/46). B) equals (-46). C) equals (-1). D) cannot be calculated without more information.
Which of the following correctly portrays a bank's balance sheet?
A. Total Bank Assets = Total Bank Liabilities + Total Bank Capital B. Total Bank Assets = Total Bank Capital - Total Bank Liabilities C. Total Bank Liabilities = Total Bank Capital + Total Bank Assets D. Total Bank Assets = Total Bank Liabilities - Total Bank Capital
A simplified description of some aspect of the economy is called
A. an economic model. B. a methodology. C. empirical analysis. D. data development.