Use the following information to answer the next several questions:Scenario 1: Imagine that an economy produces two goods, flashlights and fishing lures. In 2015, the economy produced 70 flashlights and 40 fishing lures, and the prices of flashlights and fishing lures were $5 and $12, respectively. In 2016, the economy produced 85 flashlights and 50 fishing lures, and the prices of flashlights and fishing lures were $7 and $15, respectively. Based on the information in Scenario 1, nominal GDP grew by about ________ percent from 2015 to 2016.
A. 23
B. 31
C. 62
D. 162
Answer: C
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Technological change will
A) shift the per-worker production function down. B) move the economy to a point beneath the per-worker production function. C) shift the per-worker production function up. D) move the economy along a given per-worker production function.
The above figure shows the cost curves for a typical firm in a competitive market. From the graph, estimate the firm's profits when price equals $10 per unit
What will be an ideal response?
Selling a product at different prices when the price difference is unrelated to costs is a practice known as
A) price fixing. B) price monopolization. C) price discrimination. D) price differentiation.
John's friend Rosika won a major lottery jackpot. Seeing this, and despite the fact that millions don't win and the odds of winning are infinitesimal, John goes out and buys a bunch of lottery tickets despite struggling financially. John's
decision to buy the lottery tickets under these circumstances would best be explained by the: A. hindsight bias. B. self-serving bias. C. confirmation bias. D. availability heuristic.