Assume that a small country produces only green peppers and red peppers. Last year, it produced 100 green peppers and 50 red peppers and sold them at prices of $2 per green pepper and $3 per red pepper
This year, it produced 150 green peppers and 60 red peppers and sold them at prices of $2 per green pepper and $4 per red pepper. What is real GDP this year if the base year is last year?
A) $540 B) $350 C) $890 D) $400 E) $480
Data for 2009 Data for 2010
E
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One benefit of U.S. society that helped foster entrepreneurship was free public high school education
a. True b. False Indicate whether the statement is true or false
Some economists prefer to look at the distribution of consumption rather than that of income. A Review of Economic Studies article in 2006 reported that consumption inequality in the U.S. is:
A. About the same as the income inequality B. Worse than the income inequality C. Less severe than the income inequality D. Highly unstable from one year to the next