The following table reports transactions that occurred in Whoville. Nominal GDP in Whoville is ________
Item Price per Unit Quantity
Bottles of French Wine $20 10
Boxes of Cereal $4 20
Used Tires $15 5
Shares of Twitter Stock $10 15
Hours of Swimming Lessons $5 8
A) $320
B) $545
C) $120
D) $395
E) $195
C
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Bananas and apples are substitutes. When the price of bananas rises, and a technological advance in apple production occurs at the same time
A) the equilibrium price of apples rises and the equilibrium quantity of apples falls. B) the equilibrium price of apples rises and the equilibrium quantity of apples might rise or fall. C) the equilibrium quantity of apples rises and the equilibrium price of apples might rise or fall. D) the equilibrium price of apples rises and the equilibrium quantity of apples rises.
If the central bank targets a monetary aggregate, it is likely to lose control over the interest rate because
A) of fluctuations in the demand for reserves. B) of fluctuations in the consumption function. C) bond values will tend to remain stable. D) of fluctuations in the business cycle.
A firm that practices multimarket price discrimination will set the lower price in the market that has the most elastic demand
What will be an ideal response?
If the federal government had not bailed out the large financial institutions during the financial crisis of 2008-2009
A. the rise in overall stock prices would likely have been larger. B. the fall in overall stock prices would likely have been smaller. C. the fall in overall stock prices would likely have been larger. D. the rise in overall stock prices would likely have been smaller.