Refer to Table 19-4. Consider the data above (in billions of dollars) for an economy: Gross domestic product (in billions of dollars) for this economy equals
A) $2,200. B) $2,100. C) $1,600. D) $1,400.
C
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From an initial long-run equilibrium, if aggregate demand grows faster than long-run and short-run aggregate supply, then Congress and the president would most likely
A) decrease tax rates. B) decrease government spending. C) decrease the required reserve ratio. D) decrease oil prices.
If the price of leather (an input for leather shoes) increases, the equilibrium price of leather shoes will increase and the equilibrium quantity of leather shoes will decrease
a. True b. False
A price elasticity of supply of 0.56 means that:
a. for every 10 percent change in price, quantity supplied will move in the same direction by 0.56 percent. b. for every 10 percent change in price, quantity supplied will move in the opposite direction by 0.56 percent. c. for every 10 percent change in price, quantity supplied will move in the opposite direction by 5.6 percent. d. for every 10 percent change in price, quantity supplied will move in the same direction by 5.6 percent.
In 1984, amendments to RCRA restrict landfilling activity, which in turn
a. would cause the MPC of land disposal to rise b. may offer some incentive for waste disposers to generate less waste c. reduce the external cost of landfilling d. all of the above