The first chief justice of the supreme court was
a. Locke
b. Marshall
c. Hobbes
d. Jefferson
e. John Adams
B
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The demand for money curve shifts rightward if
A) the price level increases. B) real GDP increases. C) the nominal interest rate increases. D) the real interest rate decreases.
Larissa is a famous attorney with a great reputation in court. She charges her clients $300 for each hour she spends working on their cases. If she earned $450,000 in hourly wages last year, and by raising her rates to $350 per hour her income increased to $490,000 what can we say about the elasticity of demand for Larissa's legal services?
a. It is approximately equal to 2.3. b. It is approximately equal to 1.6. c. It is approximately equal to 1.0. d. It is approximately equal to 0.45. e. It is approximately equal to 0.1.
Last year real GDP in the imaginary nation of Oceania was 561.0 billion and the population was 2.2 million. The year before, real GDP was 500.0 billion and the population was 2.0 million. What was the growth rate of real GDP per person during the year?
a. 12 percent b. 10 percent c. 4 percent d. 2 percent
If firms maintain preset prices in the short run, then the primary cause of output gaps is changes in:
A. prices. B. potential output. C. capital and technology. D. economy-wide spending.