Which of the following is a nominal quantity?
A. The number of people unemployed
B. The amount of coal mined in one month
C. The current price of a barrel of oil
D. The number of cars produced in 2017
Answer: C
Economics
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If demand facing the firm is price-inelastic, marginal revenue will be:
a. positive. b. zero. c. negative. d. constant.
Economics
Use the following table to answer the next question. GDP figures are in billions of dollars. YearNominal GDPReal GDPPrice Index15,2004,800--25,500--11235,7505,000--What was real GDP in year 2?
A. $4,820 billion B. $4,875 billion C. $5,320 billion D. $4,911 billion
Economics