Refer to the information provided in Figure 2.5 below to answer the question(s) that follow.
Figure 2.5Refer to Figure 2.5. For this economy to move from Point C to Point B, ________ additional LCD TVs could be produced when the production of OLED TVs is reduced by 20.
A. exactly 30
B. exactly 60
C. fewer than 30
D. more than 30
Answer: C
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Two years ago, the GDP deflator for Old York was 300, and today it is 330.75. Based on this information the annual average inflation rate for the two years was
A) 5%. B) 5.125%. C) 10%. D) 10.25%.
The Bureau of Labor Statistics counts underemployed persons as those who are currently working:
A. less than they would like to be. B. in a job for which they are overqualified for. C. less hours than their employer requires full-time workers to work. D. in a field that doesn’t add a lot to overall GDP.
To maintain their standard of living, most people rely on
a. government assistance. b. their personal savings. c. their labor earnings. d. rental income.
The value of a good is
a. subjective. b. objective or intrinsic. c. determined by a government statistical agency. d. determined by its cost of production.