Answer the next question using the following budget information for a hypothetical economy. All data are in billions of dollars. Government SpendingTax RevenuesGDPYear 1$800$825$4,000Year 28508504,200Year 39008754,350Year 49509004,500Year 51,0009254,600In which year is there a budget surplus?
A. Year 1
B. Year 2
C. Year 4
D. Year 5
Answer: A
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Short run market supply curves are formed by adding up individual firm supply curves in the industry.
Answer the following statement true (T) or false (F)
Which of the following could cause nominal GDP to increase and real GDP to decrease?
A) The price level falls and the quantity of final goods and services produced falls. B) The price level falls and the quantity of final goods and services produced rises. C) The price level rises and the quantity of final goods and services produced falls. D) The price level rises and the quantity of final goods and services produced rises.
Which of the following firms best fits the definition of a monopoly?
a. General Motors b. Exxon Mobile c. Local electric utility d. AT&T
Professor Smith completed a study that showed that 60 percent of all the students who graduated from her college purchased new cars. What might explain this?