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

[imowrer]

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]

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.

[imowrer]

Thanks for the timely response, appreciate it

[zacnyjessica]

YES! Correct, THANKS for helping me on my review