The term real GDP refers to a country's actual GDP as opposed to its estimated GDP
a. True
b. False
Indicate whether the statement is true or false
False
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The quantity supplied of a good, service, or resource is ________ during a specified period and at a specified price
A) the amount that people are able and willing to sell B) the amount that people are willing and able to buy C) the amount that people are able to sell D) the amount that people are willing to sell E) the amount sold
The production of methamphetamine (meth) is a social problem in the Midwest. Iowa is considering two potential programs: Operation Methbust would increase the number of sheriffs' deputies to search out and destroy methamphetamine labs. Operation Say No to Meth would increase the training required of public school teachers so that they could better educate students about the health risks of using meth. Assuming that each program were successful, which of the following statements is correct?
a. Both Operation Methbust and Say No would reduce the equilibrium quantity and increase the equilibrium price of meth. b. Both Operation Methbust and Say No would increase the equilibrium quantity and reduce the equilibrium price of meth. c. Both Operation Methbust and Say No would reduce the equilibrium quantity of meth; Operation Methbust would increase the equilibrium price, whereas Say No would reduce the equilibrium price of meth. d. Both Operation Methbust and Say No would reduce the equilibrium price of meth; Operation Methbust would reduce the equilibrium quantity, whereas Say No would increase the equilibrium quantity of meth.
Which of the following pairs is the most likely to exhibit a direct relationship?
A. The price of gasoline and the amount of gasoline that people purchase. B. Cholesterol levels and the likelihood of developing heart disease. C. Outdoor temperature and heating oil sales. D. Annual income and weekly pawn shop visits.
When an economy is operating at its full employment rate of output:
A. the rate of unemployment will be zero. B. output will exceed the economy's maximum sustainable rate. C. the actual rate of unemployment will equal the natural rate. D. the economy's potential rate of output will exceed actual GDP.