Prior to 1921, the President _____ the budget process

If the growth rate of real GDP and the rate of inflation in an economy are 2% and 1% respectively, the growth rate of nominal GDP in the economy must be:

A) 3%. B) 1%. C) 5%. D) 2%.

Refer to Figure 4-15. How much of the tax is paid by buyers?

A) $2 B) $5 C) $7 D) $12