In the second quarter of 1995, the following values were observed: real GDP = 4,359.3 billion; GDP deflator = 325.1; and M1 = 989.5. What is the value of velocity?
A. 32.51
B. 24.31
C. 14.32
D. 2.31
Answer: C
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Suppose the demand for milk is relatively inelastic. What happens to sales revenue if the government imposes a price floor above the free-market equilibrium price in the market for milk?
A) Sales revenue remains unchanged. B) Sales revenue rises. C) Sales revenue falls. D) It cannot be determined without information on prices.
Which of the following will be counted as an expenditure in the measurement of GDP? (Assume that none of the transactions is concealed from the relevant authorities.)
A) the value of a used automobile that remains unsold on the dealer's lot B) purchase of a lamp at a neighborhood garage sale C) purchase, using foodstamps, of a loaf of bread D) payment by a parent to her child for doing household laundry E) purchase of flour by a bakery
Because of the problem of scarcity, the choice to produce:
A. more of one good requires producing less of another good. B. some of any good requires producing none of any other good. C. more of every good is feasible. D. less of one good requires producing more of every other good.
Which of the following would be an example of a moral hazard problem?
A. A person in poor health who purchases life insurance B. A person who is taxed on the purchase of a carton of cigarettes C. A person who purchases auto insurance and then drives more recklessly D. A person who receives a subsidy from the Federal government to insulate a home