Nominal GDP is less than real GDP in an economy in both year 1 and year 2. In year 3, nominal GDP is equal to real GDP. In year 4, nominal GDP is slightly greater than real GDP. In year 5, nominal GDP is significantly greater than real GDP. Which year is the base year being used to calculate the price index for this economy?
A. 2
B. 3
C. 4
D. 5
B. 3
Economics
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Some studies have found that people who owned guns were more likely to be killed with a gun. Do you think this study is strong evidence in favor of stricter gun control laws? Explain
What will be an ideal response?
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Refer to Figure 4-1. If the market price is $1.50, what is the consumer surplus on the first burrito?
A) $0.50 B) $1.00 C) $1.50 D) $7.50
Economics