The Following Data Show Uruguay's GDP Using Purchasing Power Parity

question 171

Multiple Choice

The following data show Uruguay's GDP using purchasing power parity in billions of dollars. Year 2000 2001 2002 2003 2004 2005 2006 2007 2008
GDP($) 26.1 25.8 23.3 24.3 27.9 30.1 33.9 37.2 40.2
Using the data, we can conclude that

• A) the standard of living did not change in Uruguay between 2000 and 2008.
• B) Uruguay entered a recession in 2001.
• C) potential GDP decreased in 2001.
• D) Uruguay's economy reached a peak in 2005.

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Definitions:

Burritos

A type of Mexican and Tex-Mex cuisine that consists of a wheat flour tortilla wrapped or folded into a cylindrical shape to completely enclose a filling.

Marginal Revenue

The additional income received from selling one more unit of a good or service; it's a critical concept in determining optimal output level.

Prices

The cost in terms of money expected, required, or given for acquiring something.

Marginal Revenue

The extra revenue a company earns by selling an additional unit of a product or service.