In a certain economy, real GDP in 2024 is $5 trillion and real GDP in 2025 is $5.4 trillion (both measured in 2017 prices). Which of the following correctly calculates the real GDP growth rate from 2024 to 2025?

Every economic system, no matter how it is organized, must answer three fundamental questions. Which of the following is NOT one of those three questions?

In which expenditure category of GDP is the following counted? Parents work hard caring for their two children at home, instead of paying for daycare.

In a small economy, there are 80 million people employed, 8 million people unemployed but actively looking for work, and 30 million people not in the labor force. What is the unemployment rate (rounded to the nearest tenth)?

Which of the following pairs correctly classifies each question as microeconomic or macroeconomic?

A small economy can produce textbooks and laptops along a bowed-out PPF. At point B, the economy produces 200 textbooks and 100 laptops. At point C, it produces 150 textbooks and 130 laptops. Moving from B to C, the opportunity cost of producing 30 additional laptops is:

A smartphone manufacturer reorganizes its assembly line so that each worker performs just one narrow task instead of building a phone start to finish. Output per worker rises sharply, but workers report the new jobs are repetitive and boring. Which of the following best identifies the tradeoff illustrated?

A global shortage of semiconductors sharply raises the cost of computer chips, which are a key input for new gaming consoles. In the market for gaming consoles, holding demand constant, the most likely effect is:

A streaming platform releases free AI-powered editing tools that cut the cost of producing original video content by 40%. In the market for original streaming content, holding demand constant, the most likely effect is:

A widely reported peer-reviewed study finds that frequent consumption of sugary energy drinks raises the risk of heart problems. Holding everything else constant, the most likely effect on the energy-drink market is: