Refer to Table 19-13. Nominal GDP for Vicuna for 2013 equals
A) $4,920. B) $5,100. C) $5,300. D) $5,850.
A
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When economic agents transfer resources through time, it is referred to as:
A) clockwise transformations. B) time-wise transformations. C) chronological transformations. D) intertemporal transformations.
In the market for reserves, a lower discount rate
A) decreases the supply of reserves. B) increases the supply of reserves. C) lengthens the vertical section of the supply curve of reserves. D) shortens the vertical section of the supply curve of reserves.
From the equation of exchange, if both nominal income and the quantity of money (M) have doubled, while the price level (P) has decreased by 50 percent and velocity (V) remains constant, then real output (Y) ________
A) also doubles B) triples C) quadruples D) decreases by 50 percent E) none of the above
Whenever an input makes up a large percentage of a good's final cost, an increase in that input's price will
A) affect total cost relatively more. B) not affect total revenues. C) affect only accounting profits. D) cause the firm to shutdown.