Author Question: Refer to Table 8-18. What is nominal GDP in 2016 when 2011 is the base year? A) 28,885 B) 11,790 ... (Read 60 times)

imowrer · **on:** Jun 29, 2018

Refer to Table 8-18. What is nominal GDP in 2016 when 2011 is the base year?

A) 28,885 B) 11,790 C) 11,200 D) 10,275

Question 2

A permanent increase in demand ______ economic profit in the short run and some firms will ____ in the long run.

A. does not change; exit the market
B. increases; enter the market
C. increases; raise their price
D. does not change; advertise their good

Li Jun · **Reply #1 on:** Jun 29, 2018

Answer to Question 1

B

Answer to Question 2

B The increase in demand leads to a higher price, which in-creases the firms' economic profit. The economic profit influ-ences other firms to enter the market.