During last year, a country produced 20,000 pizzas and 10,000 hamburgers and nothing else. The pizzas sold for $10.00 each and the hamburgers for $3.00 each. Nominal GDP was
A) $230,000.
B) $70,000.
C) $460,000.
D) $390,000.
E) $360,000.
A
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As a result of an increase in the enforcement of illegal immigration laws, the demand for labor will ________, the supply of labor will ________, and the real wage will ________
A) remain the same; decrease; increase B) decrease; increase; remain the same C) increase; decrease; remain the same D) remain the same; increase; decrease
Equations for C, I, G, and NX are given below. If the equilibrium level of GDP is $21,500, what is the marginal propensity to consume?
C = 1,500 + (MPC)Y I = 1,000 G = 2,000 NX = -200 A) 0.67 B) 0.75 C) 0.8 D) 0.9
? Output (units) 0 1 2 3 4 5 Total Revenue ($) 0 9 16 21 27 31 Total Cost ($) 10 12 15 19 26 35To maximize its profits, the firm described in Table 8-1 should produce ____ unit(s) of output.
A. 1 B. 2 C. 3 D. 4
Changes in the interest rate
a. change business spending, but not consumption spending b. shift the consumption function c. cause a movement along the consumption function d. change consumption spending but not business spending e. have no impact on autonomous consumption or business spending