The price of a house in Year 1 was $50,000. If the price index for Year 1 is 101, and for Year 2 is 202, the value of the house in Year 2 is ________
A) $75,000 B) $150,000 C) $100,000 D) $55,000
C
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The paradox of value between diamonds and water is explained by the fact that the
A) total utility of diamonds exceeds the total utility of water. B) marginal utility of diamonds exceeds the marginal utility of water. C) total utility of diamonds exceeds the marginal utility of water. D) marginal utility of diamonds exceeds the total utility of water.
The perfectly competitive firm's marginal revenue curve is
A) exactly the same as the marginal cost curve. B) downward-sloping, at twice the (negative) slope of the market demand curve. C) vertical. D) horizontal. E) upward-sloping.
In the short run, following an increase in government purchases,
a. the aggregate expenditure line shifts upward by more than the increase in government purchases b. real GDP declines by the change in government purchases times the expenditure multiplier c. the money supply curve shifts rightward because real income rises d. the interest rate rises because the money demand curve shifts rightward e. autonomous consumption and investment increase because of the increase in real income
By the year 2017, health care spending on Medicare, Medicaid, and other U.S. government programs as a percentage of GDP had reached a level of
A) 2.2 percent. B) 7 percent. C) 17.5 percent. D) 21.5 percent.