Answer the question on the basis of the following information: Only three goods are produced in an economy in the following amounts: A = 10, B = 30, C = 5. The current year per unit prices of these three goods are A = $2, B = $3, and C = $1. (Advanced
analysis) Refer to the information. If the per unit prices of the three goods were each $1 in a base year used to construct a GDP price index, then the GDP price index in the current year is:
A. 205.5.
B. 255.5.
C. 39.3.
D. 100.
B. 255.5.
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The above figure shows the demand and cost curves for a firm in monopolistic competition. The graph represents the firm's situation in
A) only the short run. B) only the long run. C) either the short run or the long run. D) neither the short run nor the long run.
Since 1950, farm productivity has:
A. advanced twice as fast as in nonfarm sectors of the economy. B. lagged behind productivity advances in the nonfarm economy. C. almost exactly matched productivity increases in the rest of the economy. D. doubled.