In August of this year, Jack can best estimate the current year's GDP by:
A. adjusting the first two quarterly estimates of GDP for seasonal variation.
B. taking an average of the last four quarterly estimates of GDP available.
C. multiplying the most recent quarter's GDP estimate by four.
D. looking back at previous years GDP in order to make an accurate projection.
A. adjusting the first two quarterly estimates of GDP for seasonal variation.
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When a nation imports a good, its consumer surplus ________, and its producer surplus ________
A) increases; increases B) decreases; decreases C) increases; decreases D) decreases; increases E) does not change; increases
According to the above figure, what are the profits of the firm if it produces 50,000 units?
A) -$5,000 per day B) -$10,000 per day C) -$7,500 per day D) -$17,500 per day