The value of the GDP deflator and the real GDP of a country in 2010 (relative to 2008) were 105 and $85 billion, respectively. This implies that the nominal GDP of this country in 2010 was _____
a. $89.25 billion
b. $82 billion
c. $105 billion
d. $141 billion
a
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For a good such as food, the income elasticity is likely
A) negative. B) equal to zero. C) positive and less than one. D) positive and greater than one. E) undefined because people always buy the same amount of food.
The circular flow diagram shows the flow of resources between households and firms
a. True b. False Indicate whether the statement is true or false
Downward-Slope of yield curve (inverted) so expect ____________ interest rates
Fill in the blank(s) with the appropriate word(s).
Which of the following refers to the increase in the usefulness of a product as the number of consumers who use it increases?
A) positive externalities B) network externalities C) external marginal utility D) the impact of celebrity endorsements