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Refer to the information provided in Table 2 below to answer the questions that follow. Table 2 2013 2014 2015 Quarter I II III IV I II III IV I II III IV Output 96 98 100 93 90 88 87 86 90 95 100 103

An efficient market is a market

Which of the following is an example of an intermediate good? 

All of the following are fundamental concepts of economics EXCEPT

Essay Question 2.a Refer to Table 4. Compute the values of this economy’s nominal GDP in years 1.

Justin borrows $1000 from Dexter.  Dexter wants to make a 5% real return (real interest rate) on his money, so they both agree on a 5% nominal interest rate paid next year. Both do not anticipate the 3% inflation next year. In this case,

The value of what Burger King produces in France is included in the U.S. ________ and in the French ________. 

By not counting the value of intermediate goods when calculating GDP, you avoid ________.

__________ defended the economic concept of “market clearing”. 

The reasons to study economics include which of the following?