In order to calculate real GDP you will always use the prices from the _______ year.

Prices and Quantities Year Price of Cereal Quantity of Cereal Price of Milk Quantity ofMilk 2017 $5.00 150 $2.50 200 2018 $6.00 180 $3.50 240 This country’s inflation rate from 2017 to 2018 was 20.0%. 21.8%. 28.9%. 28.0%.

Goods that are included in the production of final goods but not included in GDP are known as intermediate  complementary  incomplete                 manufacture

As the price elasticity of supply approaches infinity, very small changes in price lead to 1. very large changes in quantity supplied 2. very small changes in quantity supplied 3. no change in quantity supplied 4. None of the above is correct

Which country was known to have had a one child policy to reduce their population? 1. North Korea 2. Cuba 3. Russia 4. China

When a business is operating by accepting only cash payments to avoid paying taxes they are part of the _________ economy.

What is the situation with face masks? 1. they were first elastic in supply and are now inelastic 2. they were first inelastic in supply and are now elastic 3. they were always inelastic in supply 4. they were always elastic in supply

Income Tax rate $0 to $40,000 25% $40,000 to $100,000 40% Over $100,000 60% What is your effective tax rate if you earned $100,000? 1. 25% 2. 30% 3. 42% 4. 34%

The table below contains data for the country of Batterland, which produces only waffles and pancakes. The base year is 2013.   Year Price of Waffles Quantity of Waffles Price of Pancakes Quantity of Pancakes 2010 $2.00 80 $1.00 100 2011 $2.00 100 $2.00 120 2012 $2.00 120 $3.00 150 2013 $4.00 150 $3.00 200   In 2010, this country’s nominal GDP was $260. $440. $620. $760.

What are economists general view on foreign aid? 1. It works for most countries but only up to a certain extent 2. It benefits the country who gives money more than the one that receives 3. It is essential for very poor countries  4. It generally does not help the poor countries in the long term