Which of the following is an important characteristic of good economic models?
They are as complex as the realities they represent.
They avoid making predictions.
They are flexible in their designs.
They deal with the economy as a whole.
They use the language of mathematics.
Nominal gross domestic product (GDP) increased from $15.62 trillion to $16.09 trillion, and the price level increased from 120.0 to 122.4. Rounding to the nearest second decimal, the growth rate of real GDP was approximately
3.01 percent.
1.00 percent.
2.92 percent.
2.00 percent.
1.87 percent.
If over a period of time real gross domestic product (GDP) decreases while nominal GDP increases, then this implies
that real GDP is much greater than nominal GDP.
a significant drop in the price level.
that the given period occurs before the base period.
a significant rise in the price level.
that the given period year occurs after the base period.
Gross domestic product (GDP) is best defined as the total market value of all
final goods produced within a country within a given time.
goods produced within a country within a given time.
services produced within a country within a given time.
goods and services produced within a country within a given time.
final goods and services produced within a country within a given time
A country with a small per capita gross domestic product (GDP) is
isolated.
economically healthy.
efficient.
poor.
too productive.
During a job search, individuals will sometimes accept the lower of two competing salary offers. What would best explain this decision?
A person may accept a lower starting salary in order to receive greater future pay increases.
The total benefits of the lower paying job are greater than the total benefits of the higher paying job.
Individuals never accept a salary that exceeds their personal values.
The lower salary is still better than the salary earned at the previous job.
The total benefits of the higher paying job are greater than the total benefits of the lower paying job.