The market clearing price of corn has just increased. Which of the following could have caused this change?
A) a reduction in demand
B) a reduction in supply
C) an increase in quantity demanded
D) an increase in quantity supplied
Answer: B
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Refining gasoline for our cars requires a very specialized resource, crude oil. As a result, the
A) demand for gasoline is price elastic. B) demand for gasoline is price inelastic. C) supply of gasoline is price elastic. D) supply of gasoline is price inelastic.
One way of describing the solution that high net worth provides to the moral hazard problem is to say that it
A) collateralizes the debt contract. B) makes the debt contract incentive compatible. C) state verifies the debt contract. D) removes all of the risk in the debt contract.
Which of the following can lead to stagflation?
a. A decrease in the money supply b. A decrease in autonomous consumption c. A prolonged increase in oil prices d. An increase in government spending e. A decrease in oil prices
If the base year is 2010, the nominal GDP for 2015 is $12,800.5 billion, and the GDP deflater for 2015 is 102.3, what is the real GDP for 2015 compared to 2010?
a. $126,982 million b. $12,512.7 billion c. $13,094.4 billion d. $1,269,820 trillion