Author Question: For the following questions, suppose an economy produces only pens and pencils, and that the ... (Read 56 times)

chads108

  • Hero Member
  • *****
  • Posts: 507
For the following questions, suppose an economy produces only pens and pencils, and that the quantity and price data is given by this table
 
  pens pencils
  Year 1 quantity 15 10
  Year 1 price 12 12
  Year 2 quantity 17 12
  Year 2 price 14 15
 
  What is the real GDP in year 2 using base year 1?
  A) 418
  B) 300.
  C) 360.
  D) 338.

Question 2

According to rational expectations, expectations will only change in the event that ________.
 
  A) wealth changes
  B) current income changes
  C) permanent income changes
  D) unanticipated new information arises



recede

  • Sr. Member
  • ****
  • Posts: 315
Answer to Question 1

D

Answer to Question 2

D



Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
 

Did you know?

Though Candida and Aspergillus species are the most common fungal pathogens causing invasive fungal disease in the immunocompromised, infections due to previously uncommon hyaline and dematiaceous filamentous fungi are occurring more often today. Rare fungal infections, once accurately diagnosed, may require surgical debridement, immunotherapy, and newer antifungals used singly or in combination with older antifungals, on a case-by-case basis.

Did you know?

The average human gut is home to perhaps 500 to 1,000 different species of bacteria.

Did you know?

Signs and symptoms that may signify an eye tumor include general blurred vision, bulging eye(s), double vision, a sensation of a foreign body in the eye(s), iris defects, limited ability to move the eyelid(s), limited ability to move the eye(s), pain or discomfort in or around the eyes or eyelids, red or pink eyes, white or cloud spots on the eye(s), colored spots on the eyelid(s), swelling around the eyes, swollen eyelid(s), and general vision loss.

Did you know?

Famous people who died from poisoning or drug overdose include, Adolf Hitler, Socrates, Juan Ponce de Leon, Marilyn Monroe, Judy Garland, and John Belushi.

Did you know?

Tobacco depletes the body of vitamins A, C, and E, which can result in any of the following: dry hair, dry skin, dry eyes, poor growth, night blindness, abscesses, insomnia, fatigue, reproductive system problems, sinusitis, pneumonia, frequent respiratory problems, skin disorders, weight loss, rickets, osteomalacia, nervousness, muscle spasms, leg cramps, extremity numbness, bone malformations, decayed teeth, difficulty in walking, irritability, restlessness, profuse sweating, increased uric acid (gout), joint damage, damaged red blood cells, destruction of nerves, infertility, miscarriage, and many types of cancer.

For a complete list of videos, visit our video library