Changes in real GDP are best used to measure
A. Population growth.
B. Price level changes.
C. Inflation.
D. Business cycles.
Answer: D
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"Bad news" about an expenditure-related indicator means that
A) it is lower than its previous value. B) it is lower that it was expected to be. C) it is higher than it was expected to be. D) it rose more slowly than the rate of inflation.
How would an economist represent the concept of diminishing marginal utility graphically?
a. a line with a positive slope b. a line with a negative slope c. a horizontal line d. a vertical line
If the RGDP is high, which of the following examples would most likely happen?
a. Giulla keeps no more than $20 of cash in her wallet for emergency situations. b. Viola keeps $20,000 in her checking account and $2,000 in a CD. c. Gabriel has 80 percent of his money in CDs. d. Giovanni has $70,000 in an high interest savings account and $10,000 in a checking account.
Table 25.2Pool SweeperOutput (Revenue)Market Share (%)North Star$20,000 Hurricane$16,000 Blue Lagoon$2,000 Clean Sweep$2,000 Refer to Table 25.2. Assume there are only four firms in the pool sweeper industry. If Clean Sweep manages to increase its sales to $3,000 per week at the current price and the size of the market does not change, the combined weekly sales of the three other firms will
A. Not change. B. Fall by $3,000 per week. C. Fall by less than $3,000 per week. D. Also rise.