If potential GDP for the third quarter of 2013 = $20.4 billion, and the deviation from potential GDP for the third quarter of 2013 = $1.6 billion, then Real GDP for the third quarter of 2013 equals
A) $6.5 billion.
B) $18.8 billion.
C) $22 billion.
D) $32.64 billion.
C
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If one's demand for peanut butter decreases as income rises, the income elasticity of demand for the product is
A) elastic. B) inelastic. C) unit elastic. D) negative.
The measurement error is the difference between the actual value of a variable and its reported value.
Answer the following statement true (T) or false (F)
Which of the following would be expected if the tariff on foreign-produced automobiles were increased?
A. The domestic price of automobiles would fall. B. The supply of foreign automobiles to the domestic market would decline, causing auto prices to rise. C. The number of unemployed workers in the domestic automobile industry would rise. D. The demand for foreign-produced automobiles would increase, causing the price of automobiles to increase in other nations.
If the price of music downloads was to decrease, then
A) the demand for MP3 players would decrease. B) the demand for MP3 players would increase. C) the supply of MP3 players would increase. D) the quantity of MP3 players demanded would decrease.