The average price level is equivalent to
A. the price of exports.
B. the price of imports.
C. the price of a market basket of goods.
D. the price of a single good.
Answer: C
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Television programming might be targeted for protection in a country using which of the following arguments?
A) Infant industry B) National security C) Need for retaliation D) Labor argument E) Cultural protection
If the demand for liquor is elastic and the supply of liquor is inelastic, when the government increases liquor tax, _____
a. most of the tax will be paid by the consumer b. most of the tax will be paid by the producer c. all of the tax will be paid by the consumer d. all of the tax will be paid by the producer e. the tax will be paid by the retailer
Bob's Barber Shop cut 3,000 heads of hair in 2016 and 3,100 in 2017. The price of a haircut was $7 in 2016 and $8 in 2017. If 2016 is the base year, what was Bob's contribution to nominal GDP in 2017?
A. $24,800 B. $21,000 C. $21,700 D. $24,000
If the marginal propensity to consume (MPC) is 0.8 and there is a desire to increase real GDP by $400 billion, then
A. an increase in real autonomous spending of $80 billion will generate this change. B. an increase in planned real investment spending of $100 billion will generate this change. C. a decrease in autonomous real saving of $400 billion will generate this change. D. an increase in autonomous real consumption spending of $100 billion will generate this change.