Using the data in the above table, what is the real GDP for year 2020 (in billions of constant dollars)?
A. 9,250
B. 7,708
C. 8,950
D. 8,500
Answer: B
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If the Federal Reserve raises its target inflation rate, the monetary policy reaction function ________ and the aggregate demand curve ________.
A. shifts upward to the left; shifts to the right B. shifts downward to the right; shifts to the left C. shifts downward to the right; shifts to the right D. shifts upward to the left; shifts to the left
Which of the following markets is likely to be perfectly competitive?
A) The market for patented nuclear medicines B) The market for wheat C) The market for smart phones D) The market for shower gel
In general, economists place all factors of production into which three categories?
A. Technology, labor, and capital B. Technology, land, and capital C. Land, labor, and capital D. Land, labor, and technology
If an economy's population grows at 3 percent and real GDP grows at 2 percent, then:
A. per capita real GDP is declining. B. the economy's standard of living is increasing. C. per capita real GDP is negative. D. per capita real GDP is growing.