Since 1900, real GDP per capita has ________ and this measure ________ the actual growth in standards of living in the United States over this time
A) increased; overstates B) decreased; understates
C) increased; understates D) decreased; overstates
C
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Suppose that the Federal Reserve issued bonds in the amount of $45 million and the reserve requirement was 10%, what would be the resulting change to the monetary base?
A) $45 million B) $450 million C) $4.5 million D) The bond issuance would not impact the monetary base only the money stock.
Assume the market demand for wheat may be written as
Q = 45 - 2p + 0.3Y + 1pb where Y refers to income and pb refers to the price of barley. Assuming that wheat and barley both sell for $1, and income is $20, calculate the price elasticity, cross price elasticity and income elasticity for wheat.
Which of the following involves a regulator setting a price that a firm cannot exceed for a few years?
a. Price cap regulation b. Cost-plus regulation c. Regulatory capture d. Exclusive dealing
Which of the following is an outcome of trade depicted in Exhibit 4?
a. Through trading with Calvin, Wendy’s food production has declined from 10 pounds to 7 pounds per day.
b. The exchange has been unfair to Wendy because a pound of her food is more valuable than a pound of Calvin’s cloth.
c. The exchange has been unfair to Calvin because he has only 3 pounds of food, whereas Wendy has 7 pounds.
d. Wendy and Calvin each enjoy a larger combination of food and cloth than they could have produced alone.