Real GDP is nominal GDP adjusted for:
A) double counting.
B) changes in prices.
C) population.
D) imports.
Ans: B) changes in prices.
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Deadweight loss declines in size when a unit of output is produced for which
A. consumer surplus exceeds producer surplus. B. marginal cost exceeds marginal benefit. C. producer surplus exceeds consumer surplus. D. maximum willingness to pay exceeds minimum acceptable price.
In the figure above, if the minimum wage is $2 per hour, then
A) the quantity of labor supplied is 4 million hours and the quantity of labor demanded is 2 million hours. B) the quantity of labor demanded is 4 million hours and the quantity of labor supplied is 2 million hours. C) unemployment is 1 million hours. D) the quantity of labor supplied is 3 million hours and the quantity of labor demanded is 3 million hours.
In the above figure, if the single-price monopolist charges a price that maximizes its profits, consumer surplus is
A) area hacd. B) area bac. C) area jae. D) area jbce.
Explain briefly what an "overvalued" currency is. Would you change your explanation depending upon whether or not there is central bank intervention or not? Discuss
What will be an ideal response?