The nominal GDP of the U.S. in 2015 was approximately $17.3 trillion. This means that
A) total income in 2015 was around $17.3 trillion.
B) total spending in 2015 was around $17.3 trillion.
C) the value of output in 2015 was around $17.3 trillion.
D) all of the above are true.
D
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If production displays increasing marginal returns, then
A) the firm must be adding new capital to keep boosting productivity. B) each new worker hired adds more to output than previous hires. C) total product reaches a maximum sooner than if production displayed decreasing returns. D) total product rises by a constant amount throughout.
If a bank has $200 million in deposits, the required reserve rate is 10 percent and the bank has $23 million in reserves:
A. the bank is short of required reserves. B. the bank has excess reserves of $21 million. C. the bank has excess reserves of $3 million. D. the bank has excess reserves of $13 million.
A firm with market power has an individual consumer demand of Q = 20 ? 4P and costs of C = 4Q. What is the optimal amount of this product to package in a single block?
A. 4 B. 5 C. 3 D. 2
Contractionary fiscal policy to prevent real GDP from rising above potential real GDP would cause the inflation rate to be ________ and real GDP to be ________
A) higher; higher B) higher; lower C) lower; higher D) lower; lower