The combined incomes of Walmart, ExxonMobil and Chevron total more than the GDP of:
a. Belgium
b. Denmark
c. Ireland
d. all of these
d
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An increase in the U.S. demand for Japanese yen causes
A) an increase in the dollar price of a yen. B) an increase in the yen price of a dollar. C) an increase in the demand for U.S. goods. D) a decrease in the supply of yens.
Over the last 50 years, the poor have:
A. become richer at a slower rate than the rich, and so inequality has grown. B. become richer at a slower rate than the rich, and so inequality has decreased. C. become richer at the same rate as the rich, and so inequality has stayed the same. D. become poorer, while the rich have become richer, and so inequality has grown.
Suppose Tim's Cowboy boot factory produces in a perfectly competitive market. Suppose the average total cost of cowboy boots is $65, the average variable cost of cowboy boots is $60, and the price of cowboy boots is $62. If the firm is producing the level of output where marginal cost equals price, then in the short run the firm:
A. should shut down. B. should continue to produce since total revenue exceeds total variable cost. C. is earning a positive economic profit. D. can increase profit by increasing output.
When the price level is below the level at which the aggregate demand curve crosses the long run aggregate supply curve
A. actual real GDP would be less than total planned real expenditures, and the price level will rise. B. there will be pressures that will lead to a shift of either the aggregate demand or the long run aggregate supply curves. C. actual real GDP would exceed total planned real expenditures, and the price level will fall. D. there will be no price level change.