In any year, nominal GDP divided by the GDP chain price index times 100 equals real GDP
a. True
b. False
Indicate whether the statement is true or false
True
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Refer to the graph below with three demand curves. An "increase in quantity demanded" would be illustrated by a change from:
A. Point 4 to point 6
B. Point 5 to point 1
C. Point 4 to point 1
D. Point 2 to point 5
John is currently spending all of his income. For the last unit of Good X consumed John gets 20 utils and for the last unit of Good Y consumed he gets 10 utils. The price of Good X is $2. The price of Good Y is $5. If John wants to maximize his utility
he should A) continue to purchase the same amount of Good X and Good Y. B) increase the consumption of Good X and decrease the consumption of Good Y. C) decrease the consumption of Good X and increase the consumption of Good Y. D) decrease the consumption of Good X and decrease the consumption of Good Y.
If consumers decide to be more frugal and save more out of their income, then this will cause
A) a shift in the supply curve for loanable funds to the right. B) a shift in the supply curve for loanable funds to the left. C) a movement to the right along the supply curve for loanable funds. D) a movement to the left along the supply curve for loanable funds.
The following data represent a personal income tax schedule. Answer the question on the basis of this information. Refer to the table below. The average tax rate at the $60,000 level of income is:
A. 10.0 percent
B. 11.6 percent
C. 15.0 percent
D. 20.8 percent