Suppose Sam plans to buy only popcorn and soda. He has $40 to spend per week. A change in which of the following variables will change Sam's consumption possibilities? I. price of popcorn II. income III. preferences IV. utility
A) II only
B) I and II
C) I, II and III
D) III and IV
B
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If the price level rises, the quantity of
A) nominal money people demand increases. B) real money people demand increases. C) nominal money people demand decreases. D) real money people demand decreases.
A default in the past makes it much more likely that a government will default again, even if the current government is a new regime with every intention of honoring its debts. Why might that be?
What will be an ideal response?
The Bureau of Labor Statistics counts underemployed persons as those who are currently working:
A. less than they would like to be. B. in a job for which they are overqualified for. C. less hours than their employer requires full-time workers to work. D. in a field that doesn’t add a lot to overall GDP.
Suppose the economy is closed with national saving of $3 trillion, consumption of $10 trillion, and government purchases of $4 trillion. What is GDP?
a. $3 trillion b. $9 trillion c. $11 trillion d. $17 trillion