Refer to the scenario above. Using 2013 as the base year, what is the real GDP of the economy in 2012?
A) $50,000 B) $52,500 C) $40,500 D) $49,500
D
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Bank reserves will increase if which of the following changes occurs, assuming that there are no offsetting changes elsewhere on the Fed's balance sheet?
A) Fed loans decrease B) Currency held by the public increases C) Treasury deposits increase D) The float decreases
When contemplating the purchase of a resource, the pure monopsonist should do which of the following to maximize profit?
A) Purchase enough to make the marginal expenditure equal to the marginal revenue product. B) Purchase enough to make the average expenditure equal to the marginal revenue product. C) Pay a wage equal to the value of MRP at the intersection of MRP and ME curves. D) Pay a wage equal to the value of MRP at the intersection of AE and MRP curves.
Suppose there are two goods (X and Y). On a traditional graph of a budget line a tripling of all prices and incomes will
a. alter the slope of the budget line only. b. alter the slope of the budget line as well as the Y-intercept. c. alter the slope of the budget line as well as the X-intercept. d. leave the budget line unaltered.
Engineers for The All-Terrain Bike Company have determined that a 15% increase in all inputs will cause a 15% increase in output. Assuming that input prices remain constant, you correctly deduce that such a change will cause ________ as output increases.
A. average costs to remain constant B. average costs to increase C. average costs to decrease D. marginal costs to increase