Figure 1-1
The slope of the line in Figure 1-1 is
A. 0.5.
B. 2.0.
C. ?0.5.
D. ?2.0.
Answer: C
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Use the following table with data for a private closed economy (an economy with only a private sector and no international trade) to answer the next question. All figures are in billions of dollars.Domestic Output or Income (RGDP = DI)Consumption$540$540560555580570600585620600640615660630If gross investment is $25 billion, the equilibrium level of real GDP will be
A. $620 billion. B. $600 billion. C. $640 billion. D. $660 billion.
One reason why the demand for gasoline is inelastic is because
A) substitutes for gas abound. B) substitutes for gas are hard to find. C) gasoline is a luxury item. D) people have a long time to shop around for automobiles that use less gas. E) buses run on diesel fuel rather than gasoline.
Either an increase in wealth or an increase in population would increase consumption and aggregate demand, other things equal
a. True b. False Indicate whether the statement is true or false
What is the difference between Nominal GDP and Real GDP?
a. Real GDP only measures the production of real goods and excludes services of any kind. b. Real GDP is a figure adjusted for exchange rate differences among countries. c. Real GDP is a figure adjusted for inflation. d. There is no difference at all. Real GDP is a synonym for Nominal GDP. e. Real GDP measures goods and services produced within a nation's borders, and nominal GDP measures goods and services produced by domestic resources anywhere in the world