Which of the following is accounted for when we measure economic growth in terms of per capita real GDP?
a. Changes in the quality of life
b. Changes in income distribution
c. Changes in standards of living
d. Changes in price level
e. People's nonmonetary needs
d
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Suppose that a decrease in the price of good X results in fewer units of good Y being demanded. This implies that X and Y are
a. complementary goods. b. normal goods. c. inferior goods. d. substitute goods.
Recall the Application about the Fed's policy of quantitative easing to answer the following question(s). Recall the Application. By the end of the last phase of quantitative easing in late 2014, that value of the Fed's assets was:
A. $1 trillion. B. $2 trillion. C. $3 trillion. D. $4.5 trillion.
If faced with the same cost conditions as a perfectly competitive firm, a monopoly will
a. charge a lower price than the perfectly competitive firm. b. charge a higher price than the perfectly competitive firm. c. charge the same price as the perfectly competitive firm. d. refuse to operate in the short run unless an economic profit can be made.
_________________ —a term describing a good in which the quantity demanded falls as income rises and in which quantity demanded rises and income falls.
a. Complement good b. Inferior good c. Normal good d. Superior good