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 increased from year 3 to year 4 by approximately:
A.
$68 billion
B.
$75 billion
C.
$98 billion
D.
$215 billion
A.
$68 billion
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The elasticity all along a downward-sloping straight-line demand curve,
A. will be equal to -1 at all points. B. will be different at each point on the curve. C. will be equal to zero at all points. D. will be constant.
In the three-step method, what is accomplished in step 1?
a. finding the total revenue b. finding the total cost c. finding the market price d. finding the profit-maximizing output level
Macroeconomics is most likely to be concerned with the:
A) amount of unemployment in a specific industry. B) economic behavior of a particular household. C) economic behavior of specific parts or units of the economy. D) aggregates in the economy.
Assume the economy is at point D. What would happen to AE2 and the point of equilibrium if P increased to 110 while the autonomous parts of consumption, investment, government purchases, and net exports remained constant?
a. AE2 would shift up, and the point of equilibrium would move right. b. AE2 would shift down, and the point of equilibrium would move left. c. AE2 would not move, but the point of equilibrium would move left. d. AE2 would not move, but the point of equilibrium would move right.