The country of Old Jersey produces milk and butter, and it has published the following macroeconomic data, where quantities are in gallons and prices are dollars per gallon. Between Year 1 and Year 2, nominal GDP grew by
A) 60.0%.
B) 65.5%.
C) 83.3%.
D) 190.0%.
D
You might also like to view...
If a perfectly competitive firm finds that price is less than average variable cost, it should:
A. increase output until price equals marginal cost. B. decrease output until price equals marginal cost. C. shut down immediately. D. not adjust output if marginal cost equals price.
Maximum Feasible Hourly Production Rates for EitherFood or Cloth Using All Available Resources
Using the data in the above table, and assuming constant opportunity costs, it is likely that
A. Mexico will import both cloth and food. B. Mexico will import cloth. C. the United States will export food. D. the United States will import both cloth and food.
Under which of the following conditions will there be no substitution bias in the CPI?
A) Indifference curves are convex. B) Indifference curves are L-shaped. C) Indifference curves are linear. D) Indifference curves are downward sloping.
The use of the supply-and-demand model to analyze labor markets implicitly assumes that there
A. is one seller of labor. B. is one buyer and one seller of labor. C. are many buyers and sellers of labor. D. is one buyer of labor.