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Author Question: According to the BEA, in the second quarter of 2011 nominal GDP was 15 trillion and in the second ... (Read 67 times)

jace

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on: Jun 29, 2018
According to the BEA, in the second quarter of 2011 nominal GDP was 15 trillion and in the second quarter of 2012 nominal GDP was 15.6 trillion. Based solely on this information, from the second quarter of 2011 to the second quarter of 2012
 
  A) real GDP may have increased, decreased, or stayed the same.
  B) real GDP definitely increased.
  C) real GDP definitely decreased.
  D) prices definitely increased.

Question 2

When the price of a movie ticket increases from 5 to 7, the quantity of tickets demanded decreases from 600 to 400 a day. What is the price elasticity of demand for movie tickets?
 
  A) 0.83
  B) 1.20
  C) 1.00
  D) 2.32


mochi09

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Reply #1 on: Jun 29, 2018
Answer to Question 1

A

Answer to Question 2

B


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