What is the equilibrium price?
a. 1 euro = $2.00
b. 2 euro = $1.50
c. 2 euro = $2.00
d. 1 euro = $1.50
d. 1 euro = $1.50
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When there is a recessionary gap, inflation will ________, in response to which the Federal Reserve will ________ real interest rates, and output will ________.
A. decline; lower; decline B. increase; raise; decline C. decline; lower; expand D. decline; raise; decline
The above figure shows the market for blouses. The government decides to impose the sales tax on sellers, as shown in the figure. The tax decreases consumption by
A) 1,000 blouses. B) 2,000 blouses. C) 3,000 blouses. D) 4,000 blouses.
If Ringo is risk averse, at a wealth of $200,000 his utility of wealth curve has a ________ slope and his marginal utility of wealth is ________ than at a wealth of $100,000
A) negative; smaller B) negative; larger C) positive; smaller D) positive; larger
Note: Amounts in billions.Refer to the above table. The equilibrium real GDP is
A. $14 billion. B. $13 billion. C. $12 billion. D. $15 billion.