The town of Saddle Peak has a fixed supply of mountain view lots. In this case, the price per square foot of mountain view lots is
A) determined only by demand.
B) negotiated by environmental groups and property developers.
C) determined only by supply.
D) set by government officials of Saddle Peak.
A
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Refer to the data. In determining real GDP, the nominal GDP for:
Assume an economy that makes only one product and that year 3 is the base year. Output and price data for a five-year period are as follows. Answer the question on the basis of these data.
A. each year must be multiplied by the relevant price index.
B. years 1 and 2 must be inflated.
C. years 4 and 5 must be inflated.
D. years 1 and 2 must be deflated.
According to the text, which of the following does the United States import?
A. Clothes but not electronics. B. Cars but not shoes. C. Computers but not food. D. Electronics, cars, and food.