A positive economic statement simply describes what is
Indicate whether the statement is true or false
T
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Assume that between 1999 and 2009 nominal GDP increased from $7 trillion to $12 trillion and that the GDP deflator rose from 100 to 150 . Which of the following expresses GDP for 2009 in terms of 1999 prices?
a. $7.5 trillion b. $8.0 trillion c. $9.0 trillion d. $18.0 trillion
The country of Yokovia does not trade with any other country. Its GDP is $20 billion. Its government collects $2 billion in taxes. Consumption equals $15 billion and investment equals $2 billion. What is public saving in Yokovia, and what is the value of the goods and services purchased by the government of Yokovia?
a. -$2 billion and $1 billion. b. $1 billion and $1 billion. c. -$1 billion and $3 billion. d. -$2 billion and $3 billion.