Data on total water use in the United States since 1950 show that it has:
A. Continually increased
B. Continually decreased
C. Increased and then leveled off
D. Decreased and then leveled off
C. Increased and then leveled off
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Suppose the market clearing price for apples rises from $2.00 to $3.00 per pound, and the overall market clearing output increases from 1 million to 2 million pounds. How can we explain the increase in price and increase in market output?
A) Supply increased and demand remained unchanged. B) Supply decreased and demand decreased. C) Demand increased and supply remained unchanged. D) None of the above.
In a typical year, new small firms create ________ jobs
A) 250,000 B) 1.1 million C) 1.8 million D) 3.3 million
Refer to Figure 23-2. Suppose that the level of GDP associated with point K is potential GDP. If the U.S. economy is currently at point N,
A) firms are operating below capacity. B) the economy is in an expansion. C) the level of unemployment is above the natural rate. D) the economy is at full employment.
What's the difference between the nominal exchange rate and the real exchange rate?
What will be an ideal response?