Refer to the information provided in Table 21.9 below to answer the question(s) that follow. Table 21.9
Refer to Table 21.9. Assume that this economy produces only two goods Good X and Good Y. If year 1 is the base year, the value for this economy's GDP deflator in year 1 is
A. 1.
B. 100.
C. 110.
D. 111.
Answer: B
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John is trying to decide whether to expand his business or not. If he continues his business as it is, with no expansion, there is a 50 percent chance he will earn $100,000 and a 50 percent chance he will earn $300,000. If he does expand, there is a 30 percent chance he will earn $100,000, a 30 percent chance he will earn $300,000 and a 40 percent chance he will earn $500,000. It will cost him $150,000 to expand. If John decides to expand based on expected value, it means that:
A. the sum of expected earnings from expanding and from not must exceed $150,000. B. his expected earnings from expansion must exceed $150,000. C. the difference in expected earnings from expanding versus not must exceed $150,000. D. the difference in expected earnings from expanding versus not must not exceed $150,000.
In 1820, the country with the highest per capita GDP was
A) Australia. B) the United States. C) Austria. D) Germany. E) the Netherlands.
Given a downward-sloping aggregate demand curve, if short-run aggregate supply increases, real GDP must increase and nominal GDP must fall.
a. true b. false
Utilitarianism is a principle whose goal is ________
A) the greatest happiness for the greatest number B) the greatest pay for the greatest number C) equal pay for equal work D) equal happiness for all workers