Refer to the table. If equilibrium real GDP is $31 billion, the equilibrium price level will be:
Answer the question on the basis of the following table for a particular country in which C is
consumption expenditures, I g is gross investment expenditures, G is government expenditures,
X is exports, and M is imports. All figures are in billions of dollars. Each question is
independent of other question using the same table, unless otherwise stated.
A. 128.
B. 125.
C. 122.
D. 119.
C. 122.
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A new chain-weighted measure of real GDP
a. was introduced by the Bureau of Economic Analysis in 1995. b. uses the average of prices in a given year and prices in the previous year instead of using prices in a base year as weights. c. differs greatly from previous measures that utilized the base year method. d. Both a and b e. All of the above
Matt loses his job and decides to sit on the beach rather than looking for work the next few months. Other things the same, what happens to the unemployment rate and labor-force participation rate?
What will be an ideal response?
Lionfish is an aquatic invasive species in the southeastern U.S. and the Caribbean. Current removal policies focus on harvesting the lionfish for human consumption. However, a fishing license is required to fish in most southern states. Assume that the supply of fishing licenses is Qs = 50 + 0.05L + 40P, where L=lionfish population and P = price of a fishing license, and the demand for fishing
licenses is Qd = 1400 – 60P. What is the equilibrium price and quantity of fishing licenses when L = 10,000? A) P = $8.5, Q = 890 B) P = $13, Q = 620 C) P = $13.5, Q = 590 D) P = $13.5, Q = 591
Which of the following is TRUE?
A) Lotteries work best when a resource can serve just one user at a time in a sequence. B) A market price always allocates resources better than a command system. C) In the United States, how tax dollars are allocated among competing uses is an example of how resources are allocated by majority rule. D) Force has never played an important role in allocating scarce resources.