In Macroland, 500,000 of the 1 million people in the country are employed. Average labor productivity in Macroland is $20,000 per worker. Real GDP per person in Macroland totals:
A. $10,000.
B. $1,000.
C. $40,000.
D. $15,000.
Answer: A
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Figure 5-3
Suppose that the market price rises from $3 to $5. What is the change in market demand?
A. 80 B. 30 C. 50 D. 110
All of these events will cause an increase (shift to the right) in the supply of real loanable funds EXCEPT:
a. An increase in the monetary base. b. A higher real risk-free interest rate. c. An increase in the nation's real income. d. All of the above shift the supply.
Jennifer lives in a home that was newly constructed in 2011 for which she paid $240,000 . In 2014 she sold the house for $260,000 . Which of the following statements is correct regarding the sale of the house?
a. The 2014 sale increased 2014 GDP by $260,000 and had no effect on 2011 GDP. b. The 2014 sale increased 2014 GDP by $20,000 and had no effect on 2011 GDP. c. The 2014 sale increased 2014 GDP by $260,000; furthermore, the 2014 sale caused 2011 GDP to be revised upward by $20,000. d. The 2014 sale affected neither 2014 GDP nor 2011 GDP.
At lower interest rates, the:
A. money supply is indeterminate. B. money supply is lower. C. quantity of money demanded is higher. D. quantity of money demanded is lower.