For this question, assume that 1980 is the base year. Given macroeconomic conditions in the United States over the past three decades, we know that
A) nominal GDP is always smaller than real GDP since 1980.
B) real GDP and nominal GDP would be equal for the entire period.
C) real GDP is larger than nominal GDP from 2002 to 2008.
D) real GDP and nominal GDP were equal in 1980.
E) none of the above
D
Economics
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On the contract curve the ______ for both consumers are the same
Fill in the blank(s) with the appropriate word(s).
Economics
Suppose an increase in supply lowers the price from $10 to $8 and increases the quantity demanded from 100 units to 130 units. Using the midpoint method, the elasticity of demand equals
A) 1.17. B) 0.85. C) 0.26. D) 1.56. E) None of the above answers is correct.
Economics