If only one good is supplied and demanded in an economy, then GDP will be equal to the price of the good multiplied by the number of units of the good supplied in a year
a. True
b. False
Indicate whether the statement is true or false
True
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Nominal GDP =________ where the price level is the ________
A) Price level ÷ Real GDP; GDP deflator B) Price level × Real GDP; CPI C) Price level ÷ Real GDP; CPI D) Price level × Real GDP; GDP deflator E) none of the above
Suppose we want to know how much money your grandparents would have to earn now to have purchasing power equivalent to their income in 1969. We could:
A. translate their nominal income in 1969 into constant, real dollars of today. B. translate their nominal income today into 1969 dollars. C. take a ratio of their income today with their income from 1969. D. None of these statements is true.
An increase in the money supply should cause the expenditure schedule to shift upward.
Answer the following statement true (T) or false (F)
Fiona's hourly wage increases from $8 to $10 . Which of the following describes a consequence of the increase in Fiona's wage?
a. The opportunity cost of Fiona's leisure time has decreased. b. Fiona may choose to work fewer hours due to the increase in her wage. c. If Fiona's labor supply curve is upward sloping, she will choose to work fewer hours. d. Both a and b are correct.