Answer the question based on the following data, using year 1 as the base year. All dollars are in billions.
Refer to the above data. Real GDP in year 4 was approximately:
A.
$3,989 billion
B.
$3,562 billion
C.
$3,774 billion
D.
$3,494 billion
B.
$3,562 billion
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Which of the following is an example of a normative statement? a. Higher unemployment rates are common among young people
b. Young people should learn how to prepare their own taxes. c. Auto insurance rates are generally lower for younger d. Persons under the age of 30 watch more movies than those over the age of 30.
As a result of heavy spring rains in the Midwest, the corn crop declined sharply. If corn growers experienced an increase in sales revenue, the demand for corn must be
a. price elastic b. price inelastic c. unitary elastic d. perfectly inelastic e. perfectly elastic
Consumer surplus measures the value between the price consumers are willing to pay and the:
A. producer surplus price. B. deadweight gain price. C. actual price paid. D. preference price.
Related to the Economics in Practice on p. 647: Surveys by the bank of England suggest that two important factors in influencing ________ are gas prices and media attention to price increases.
A. the stock of money B. the income velocity of money C. consumer perceptions of inflation D. interest rates