Refer to above Table 2-2. What is the increase in real GDP between years 1 and 2 at fixed year 2 prices?
A) 2.1%
B) 5.1%
C) 4.4%
D) 3.3%
D
You might also like to view...
The law of demand indicates that as the cost of an activity:
A. rises, the level of the activity may or may not increase depending on the individual. B. falls, less of the activity will occur. C. rises, less of the activity will occur. D. rises, more of the activity will occur.
A utility-maximizing consumer always purchases a good that yields the greatest average utility per dollar of expenditure
a. True b. False Indicate whether the statement is true or false
Consider an economy with a labor force of 200 million people of which 180 million are employed while 20 million are unemployed. Each period, 45% of the unemployed population finds a job. If the economy is in a steady-state of unemployment, what percent of the employed population lose their job each period?
A. 15% B. 5% C. 25% D. 20% E. 10%
In an effort to balance the budget, the government cuts spending rather than increasing taxes. What will happen to the consumption schedule?
A. It will become steeper. B. It will become flatter. C. It will shift upward. D. It will shift downward. E. It will remain the same and move along it.