If the real GDP in 2003 is $12,400 billion and the implicit price deflator is 1.4, what is the value of nominal GDP in 2003?
A. approximately $886 billion.
B. approximately $8,857 billion.
C. approximately $15,427 billion.
D. $17,360 billion.
Ans: D. $17,360 billion.
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The self-correcting tendency of the economy means that rising inflation eventually eliminates:
A. unemployment. B. exogenous spending. C. recessionary gaps. D. expansionary gaps.
There are three factors that help explain the slope of the aggregate demand curve. Which two are less important? Why are they less important?
Refer to the information provided in Figure 4.3 below to answer the question(s) that follow.
Figure 4.3Refer to Figure 4.3. A nonprice rationing system such as queuing must be used to ration the available supply of pencils if the government will not allow retailers to charge more than ________ for a pencil.
A. $0.40 B. $0.45 C. $0.50 D. $0.55
Which market model assumes the least number of firms in an industry?
A. Monopolistic competition B. Pure competition C. Pure monopoly D. Oligopoly