Refer to Figure 3.1, which shows Molly's and Ryan's individual demand curves for compact discs per month. Assuming Molly and Ryan are the only consumers in the market, what is the market quantity demanded at a price of $3?
A. 6
B. 9
C. 15
D. 20
Answer: D
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If real GDP is $200, the price level is 2.5, and velocity is 5, then the quantity of money is
A) $100. B) $500. C) $750. D) $200. E) $1,000.
Countries with higher rates of saving
A) experience lower growth rates in the future. B) have a large population. C) have a greater number of poor people. D) have higher rates of growth.
If the CPI was 108.00 in 1942 and is 336.96 today, then $10 in 1942 purchased the same amount of goods and services as
a. $2.57 purchases today. b. $28.89 purchases today. c. $31.20 purchases today. d. $38.89 purchases today.
Suppose we want to know how much money your grandparents would have to earn now to have purchasing power equivalent to their income in 1969. We could:
A. translate their nominal income today into 1969 dollars. B. take a ratio of their income today with their income from 1969. C. translate their nominal income in 1969 into constant, real dollars of today. D. None of these statements is true.