The rate of growth in real Gross Domestic Product (GDP) minus the rate of growth of the population is the
A. unemployment rate.
B. rate of growth of nominal GDP.
C. employment growth rate.
D. rate of growth of per capita real GDP.
Answer: D
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When the price of insulin is $10, consumers demand 100 units; when the price is $15, consumers demand 100 units; and when the price is $20, consumers demand 100 units. Based on this information, the demand for insulin is:
A. perfectly inelastic B. elastic C. unit elastic D. perfectly elastic
The original Federal Reserve Act
A) specified open market operations as the Fed's main policy tool. B) specified open market operations as one of several Fed policy tools. C) specified that open market operations be employed by the Fed only in circumstances where discount loans were ineffective. D) did not specifically mention open market operations.
Constant returns to scale exist when long-run average costs:
A. decrease as output is increased. B. increase as output is increased. C. remain constant as output is increased. D. None of the statements is correct.
If the equation for the ________ is looked on as a demand-for-money equation, then the demand for money depends on nominal income but not the interest rate.
A. real business cycle theory B. unanticipated inflation rate C. quantity theory of money D. Keynesian income-expenditure model