The table above gives the production and prices for a small nation that produces only bread and soda. The base year is 2010. What is real GDP in 2010?

An increase in both the equilibrium price and quantity can be the result of

A) a decrease in demand. B) an increase in supply. C) a decrease in supply. D) an increase in demand. E) None of the above answers is correct.

The above figure shows a graph of the market for pizzas in a large town. As a result of concern over the affordability of pizza, the government restricts sellers from charging a price over $7. As a result, the quantity of pizzas consumed will

A) increase. B) decrease. C) remain unchanged. D) be indeterminable.

For a monopoly, marginal revenue is less than price because

A) the demand for the firm's output is downward sloping. B) the firm has no supply curve. C) the firm can sell all of its output at any price. D) the demand for the firm's output is perfectly elastic.

A medium of exchange must be

a. approved by the government b. socially acceptable in exchange for goods and services c. easy to reproduce d. used to eliminate specialization and the division of labor e. used when a system of barter exists