Which of the following statements is false?
A) Real GDP is the quantity of goods and services valued in base-year prices or base-year dollars.
B) "Aggregate demand" and the "quantity demanded of Real GDP" are the same.
C) According to the aggregate demand (AD) curve, the quantity demanded of Real GDP and the price level are inversely related.
D) Real GDP is denominated in current-year prices.
E) b and d
E
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Assume that an individual consumes only hotdogs and colas and that the last hotdog consumed yields 15 utils and the last cola 10 utils. If the price of a hotdog is $1 and the price of a cola is $.50, we can conclude that the:
A. consumer should consume more hotdogs and less cola. B. price of hotdogs is too high. C. consumer should consume fewer hotdogs and more cola. D. consumer is in equilibrium.
The trade deficit and federal budget deficit plagued which U.S. presidential administration with high inflation and low levels of production and employment?
(a) Franklin D. Roosevelt (1933–45) (b) Dwight D. Eisenhower (1953–61) (c) John F. Kennedy (1961–63) (d) Ronald W. Reagan (1981–89)
When G = T the government is running a budget deficit
Indicate whether the statement is true or false
Explain the difference between minimum wage and subsidies as a way to help low-income people. Identify disadvantages of each.
What will be an ideal response?