If real GDP is $18,200 billion (in 2012 dollars) in 2018 Q1 and $18,400 (in 2012 dollars) in 2018 Q2, then the non-annualized quarterly growth rate of real GDP is
A. 4.5%.
B. 1.0%.
C. 0.4%
D. 1.1%.
Answer: D
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The gains from trade include: i. lower prices from competition. ii. greater output from specialization. iii. greater variety of goods and services available
A) i and iii only B) ii and iii only C) i and ii only D) i, ii, and iii E) ii only
Which of the following correctly describes the mechanics of the spending multiplier?
a. An initial increase in aggregate expenditure, such as an increase in government spending, shifts the aggregate expenditure curve vertically upward. b. An initial increase in aggregate expenditure, such as an increase in government spending, results in a movement along the aggregate expenditure curve to a higher level. c. An initial increase in aggregate expenditure, such as an increase in government spending, results in a movement along the aggregate expenditure curve to a lower level. d. An initial increase in aggregate expenditure, such as an increase in government spending, shifts the aggregate expenditure curve vertically downward.
For a monopoly, when marginal revenue is zero:
A. marginal revenue is minimized. B. total revenue is maximized. C. profits are maximized. D. marginal costs are minimized.
Which of the following is the most important reason for growing inequality in the income distribution in the United States?
A. an increase in demand for highly educated workers B. inheritances C. discrimination D. a steady increase in tuition and fees for a college education