Refer to the information provided in Figure 2.5 below to answer the question(s) that follow.
Figure 2.5Refer to Figure 2.5. The economy is currently at Point A. The opportunity cost of moving from Point A to Point B is the
A. 30 LCD televisions that must be forgone to produce 60 additional OLED televisions.
B. 90 LCD televisions that must be forgone to produce 20 additional OLED televisions.
C. 30 LCD televisions that must be forgone to produce 20 additional OLED televisions.
D. 120 LCD televisions that must be forgone to produce 40 additional OLED televisions.
Answer: C
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Last year in the country of Union, the price level increased and real GDP increased. Such an outcome might have occurred because short-run aggregate supply ________ and aggregate demand ________
A) decreased; decreased B) increased; did not change C) increased; decreased D) did not change; increased
If the base year is 2010, the nominal GDP for 2015 is $12,800.5 billion, and the GDP deflater for 2015 is 102.3, what is the real GDP for 2015 compared to 2010?
a. $126,982 million b. $12,512.7 billion c. $13,094.4 billion d. $1,269,820 trillion