Which of the following statements is false?
A) Real GDP in the United States was approximately seven times greater in 2012 than in 1950.
B) The U.S. population was approximately twice as large in 2012 than in 1950.
C) Nominal GDP in the United States was approximately seven times greater in 2012 than in 1950.
D) Real GDP is GDP adjusted for price changes.
C
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The Commodity Credit Corporation provides loans to farmers based on expected sales
a. at rates of interest scaled to the farmer's profits b. that need not be repaid at all if the farmer suffers a loss c. that must be used for seed, expansion of land, or new farm equipment d. that can be repaid with sales revenue or with an unsold supply of farm goods e. at prime market rates
Suppose that M doubles and PQ remains the same. In that case we know that V
A. fell by 100%. B. fell by 50%. C. stayed the same. D. rose by 50%.
Which of the following is the most likely to be a fixed factor of production at a farm?
A. The number of workers hired to harvest the crops. B. The amount of water used each day. C. The land on which the farm is located. D. The amount of fertilizer used each week.
Consider the demand function Qd = 150 - 2P. The effects of other determinants of Qd is reflected in
A) the intercept of the function. B) the slope of the function. C) neither the slope nor the intercept of the function. D) in both the slope and the intercept of the function.