If the price index was 100 in 2000 and 120 in 2010, and nominal GDP was $360 billion in 2000 and $480 billion in 2010, then the value of 2010 GDP in terms of 2000 dollars would be
A) $300 billion.
B) $384 billion.
C) $400 billion.
D) $424 billion.
C
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An increase in the demand for labor means that
A) the demand for labor increases as a result of an increase in the real wage rate. B) the demand for labor increases at any real wage rate. C) the supply of labor must also be increasing. D) the demand for labor increases as a result of a decrease in the real wage rate.
Payoffs are:
A. the rewards that come from particular actions. B. always monetary. C. things that are only enjoyed by the winner. D. bribes made to gain some advantage unfairly during a game.
When an American doctor opens a practice in Bermuda, his production there is part of U.S. GDP
a. True b. False Indicate whether the statement is true or false
Suppose the natural rate of unemployment is 6 percent. What is the actual rate of unemployment if actual output is 2 percent below potential output?
A. 4 percent B. 8 percent C. 10 percent D. 7 percent