If you work 4 extra hours, and the slope of the curve showing the relationship between your income and work hours is 8, your income will increase by:
A. $2.
B. $4.
C. $12.
D. $32.
Answer: D
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If real GDP is less than potential GDP, then the ________ and the price level ________
A) aggregate demand curve shifts leftward; rises B) aggregate demand curve shifts rightward; falls C) aggregate supply curve shifts leftward; rises D) aggregate supply curve shifts rightward; falls E) amount of potential GDP increases; falls
If a bank has actual reserves of $40,000 and a 20 percent reserve requirement, then the maximum amount of checkable deposits the bank can have if excess reserves are zero is:
a. $100,000. b. $80,000. c. $300,000. d. $20,000. e. $200,000.
If a country had a real GDP of $500 million, and the GDP Ddeflator was 90, what is the nominal GDP?
a. $440 million b. $540 million c. $450 million d. $550 billion
Which of the following examples most accurately reflects a perfectly competitive market?
a. The raspberry market has about 50 large producers. b. The strawberry market has about 100 small producers. c. The pear market has about 1,000 large producers. d. The peach market has about 10,000 small producers.