Would you use Real GDP or Nominal GDP to accurately calculate growth in 2011? Explain in three to four sentences.

1 answer:

3 0

You would want to use Real GDP because it looks at the inflation and deflation due to price "changes" over the years. Nominal GDP only looks at the current market of today's economy. So with this being said you only want to use Real GDP if your looking back at the economy's history, but you would look at Nominal GDP if you wanted to know the current economy status.

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Over its first two years a new car loses at least 30% of its resale value. What will the average resale value of a new car costi

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$15,400

Why:
Original cost is $22,000 and 30% of that is $6,600.
$22,000 - $6,600 = $15,400

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You have found an apartment that rents for $950 per month. Your budget will only allow $800 per month. Your parents have offered

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stich3 [128]

Answer:

B. An oversized ego.

Explanation:

An oversized ego basically depicts that JJ inability to listen to his peers, and he is no longer willing listen to his boss, and that proves he is too full of himself.

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Identify whether each statement describes the market period, the short run, or the long run.A.Output and the number of firms are

AfilCa [17]

Answer: A. Market Period.

B. Long Run

C. Short Run

Explanation:

A.Output and the number of firms are fixed

The MARKET PERIOD is a very short period that refers to a situation where all resources are FIXED. This means that Output itself is fixed and therefore cannot adjust to demand.

B.Plant capacity is flexible. Firms can enter and exit an industry.

This is the LONG RUN. A time where all resources are Variable. This means that factors such as Plant Capacity which is FIXED in the Short Run will simply be Variable and hence flexible in the long run. Other Firms are also free to enter or leave the Industry during this time.

C.Plant capacity and the number of firms are fixed. Firms can employ more labor if needed

This refers to the SHORT RUN which is a situation where AT LEAST one resource is FIXED and others are VARIABLE. As long as there is a Fixed Resource with some Variable Resources, it is the Short Run. Plant Capacity and Number of Firms are fixed but Labor is Variable. This makes this scenario a Short Run Scenario.

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Which of the following statements best describes the law of diminishing marginal utility?

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The law of diminishing marginal utility states that as a person increases consumption of a good while keeping consumption of other products persistently then there is a drop in the marginal utility<span> that person descends from consuming each extra unit of that product. So the answer is letter C.</span>

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