In the United States today, the government will exchange gold or silver for paper money.
Answer the following statement true (T) or false (F)
False
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The above table gives real GDP and the aggregate expenditure schedule. Equilibrium real GDP is
A) $11 billion. B) $12 billion. C) $10 billion. D) $14 billion. E) $13 billion.
Okun's Law states that
A) there is a relationship between the unemployment rate, real GDP, and potential GDP. B) supply creates its own demand. C) as the unemployment rate rises, the inflation rate falls. D) a higher inflation rate leads to a higher nominal interest rate. E) as the real wage rate falls, the quantity of labor demanded increases.
If there are 200 physicians per 100,000 population in the United States generally, but over 500 per 100,000 population in San Francisco,
A) physicians are not scarce in San Francisco. B) physicians particularly enjoy living and working in San Francisco, for financial and other reasons. C) residents of San Francisco necessarily need more medical services than the average American. D) there is a shortage of patients in San Francisco. E) there is a surplus of physicians in San Francisco.
Refer to the figure above. What is the quantity supplied in the market when the market is perfectly competitive?
A) 30 units B) 45 units C) 60 units D) 90 units