Suppose that twenty-five years ago a country had nominal GDP of $1,000, a GDP deflator of 200, and a population of 100 . Today it has nominal GDP of $3,000, a GDP deflator of 400, and population of 150 . What happened to the real GDP per person?
a. It more than doubled.
b. It increased, but it less than doubled.
c. It was unchanged.
d. It decreased.
c
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The graph above shows domestic supply and demand with trade in a SMALL country. With trade, this country can purchase at the world price, Pw. Suppose that this country imposes a $5 per unit tariff on this good. Which of the following will NOT occur?
A) Government revenue will increase. B) Domestic consumers will be worse off. C) Domestic producers will be better off. D) The gains to the winners will exceed the losses to the losers from the tariff.
In some markets, ________ act to adjust the price to bring the market into equilibrium
A) bulls B) regulators C) market makers D) web sites
In a situation of mutual interdependence and identical products, managers of oligopolistic firms ________ a response to their rivals' actions and ________ compete on price.
A) do not have; should B) have; should C) do not have; should not D) have; should not
Many believe that fairness calls for higher income taxes on the wealthy. Using one of the "Ideas for Beyond the Final Exam," explain how higher taxes on the wealthy will affect output