Nominal GDP measures the value of goods and services using current-year prices
Indicate whether the statement is true or false
TRUE
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If autonomous planned spending increases by $1 million and s = 0.2 and t = 0.1, then equilibrium income increases by
A) $5 million. B) $3.33 million. C) $3.57 million. D) $2.90 million.
If an industry supply curve increases while the industry demand curve remains the same, then an individual firm in a perfectly competitive industry currently earning positive profits will see its profits _________.
A) increase B) not change C) decrease D) impossible to determine
Current law regarding the Fed's Board of Governors stipulates that:
A. no more than three governors can come from the same district. B. no more than two governors can come from the same district. C. no more than one governor can come from the same district. D. every district must have at least one governor on the board.
Refer to the information provided in Figure 2.5 below to answer the question(s) that follow.
Figure 2.5Refer to Figure 2.5. The economy is currently at Point A. The opportunity cost of moving from Point A to Point B is the
A. 30 LCD televisions that must be forgone to produce 60 additional OLED televisions. B. 90 LCD televisions that must be forgone to produce 20 additional OLED televisions. C. 30 LCD televisions that must be forgone to produce 20 additional OLED televisions. D. 120 LCD televisions that must be forgone to produce 40 additional OLED televisions.