If nominal Gross Domestic Product (GDP) in 2020 was $3,000 billion, and the price level index was 330 (2000 = 100), then real Gross Domestic Product (GDP) in terms of the price level in 2020 was about
A. $105 billion.
B. $537 billion.
C. $4,220 billion.
D. $909 billion.
Answer: D
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If the price of iPods decreases,
A) there will be a movement up along the supply curve for iPods. B) there will be a rightward shift in the iPod supply curve. C) the supply curve for iPods shifts leftward. D) there has been a decrease in the price of iTunes songs. E) there will be a movement down along the supply curve for iPods.
People expect their incomes will decrease next year. As a result, the ________ will shift ________
A) short-run aggregate supply curve; rightward B) aggregate demand curve; rightward C) aggregate demand curve; leftward D) long-run aggregate supply curve; rightward
The ability to make a credible commitment is necessary for the first mover to gain an advantage in a sequential game
Indicate whether the statement is true or false
Which of the following would be considered a negative real supply shock?
A) a relaxation of government environmental regulations B) a permanent increase in the price of energy C) a decrease in the money supply D) a decrease in aggregate demand