If the economy grew at 7 percent from 2015 to 2016 and real GDP was 400 in 2015, what was real GDP in 2016?
A. 393
B. 400
C. 407
D. 428
Answer: D
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Suppose the Federal Reserve wanted to reduce the money supply without using open-market operations
It could try to get the public to ________ their currency—deposit ratio and ________ banks' reserve requirements, which would in turn change the banks' reserve—deposit ratio. A) decrease; lower B) decrease; raise C) increase; lower D) increase; raise
Demand for real money balances depends on ________
A) the price level B) the real interest rate C) the opportunity cost of holding money D) all of the above E) none of the above
In the industrial period of U.S. history, the manufacturing goods consumed by U.S. households were subject to
(a) high taxes. (b) Engel's Law. (c) income effects. (d) none of the above.
If a profit-maximizing firm in a competitive market discovers that, at its current level of production, price is greater than marginal cost, it should
a. shut down. b. reduce its output but continue operating. c. continue to produce at the current levels. d. increase its output.