What was the nominal GDP in 2011?
a. 98.118
b. 101.755
c. 15,542.6
d. 15,840.7
c. 15,542.6
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Both the demand for and supply of cars changes in France. You observe that the quantity of cars does not change but the price rises. Thus, which of the following occurred?
A) Demand increased and supply decreased by an equal amount. B) Demand and supply increased by an equal amount. C) Demand and supply decreased by an equal amount. D) Demand increased by a larger magnitude than supply decreased. E) Demand decreased and supply increased by an equal amount.
In the money market, if the interest rate exceeds the equilibrium interest, there is a surplus of money. How is the surplus eliminated?
A) People buy bonds to rid themselves of the surplus money, bidding up their price and pushing interest rates down. B) Banks will lend out the surplus, lowering interest rates. C) The Federal Reserve will destroy currency, reducing the quantity of money. D) The high interest rate increases the demand for money, eliminating the surplus.
If the first copy cost of a music video is $223,000 and the marginal cost is $0, how much is the average total cost if the firm produces 1 million copies?
A. 22.3 cents B. 0.223 cents C. 1,223,000 D. 223,000,000,000
If the MPC is 0.9, the tax multiplier is
A. -10. B. -9. C. -1.10. D. 10.