What is the real GDP in year 2 using base year 2?
A) $418.
B) $300.
C) $360.
D) $338.
A
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At its profit-maximizing output, the firm in the above figure incurs a total cost of production of
A) $7,000. B) $9,000. C) $6,300. D) $3,900.
Advocates of discretionary policy make these criticisms of the economy's "self-correcting" mechanism:
a. it is slow b. it is not very reliable c. it works only when supplemented by automatic stabilizers d. All of the above are correct. e. a and b only are correct.
Assume that this graph illustrates a perfectly competitive labor market.
Equilibrium in this labor market is at a wage of ________ per hour and an employment level of ________ person-hours per day.
A. $20; 125 B. $30; 150 C. $20; 200 D. $30; 100
A downward shift in the Fed's policy reaction function corresponds to a ________ the aggregate demand curve and a decrease in exogenous spending corresponds to a ________ the aggregate demand curve.
A. movement up; shift right of B. shift left of; movement up C. shift left of; shift right of D. shift right of; shift left of