If you wanted to compare the quantity of output of a country across time periods, which of the following would you use?
a. the consumer price index
b. nominal GDP
c. the GDP deflator
d. real GDP
D
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Suppose the Busy Bee Café is the monopoly producer of hamburgers in Hugo, Oklahoma. The above figure represents the demand, marginal revenue, and marginal cost curves for this establishment
What price will the Busy Bee charge to maximize its profit? A) $5.00 for a hamburger B) $3.00 for a hamburger C) $2.00 for a hamburger D) $1.00 for a hamburger E) $4.00 for a hamburger
Suppose that the unemployment rate equals 4.5 percent and that the natural unemployment rate is 5.5 percent. We can conclude that
A) the output gap is negative. B) the output gap equals zero. C) the output gap is positive. D) we have mismeasured the natural unemployment rate.
The shorter the period of time being considered, the less rapidly will diminishing marginal utility set in
a. True b. False Indicate whether the statement is true or false
Assume that the MPC is 0.80 and investment rises by $50 million. How much additional saving will this generate in the second round of spending?
a. $10 million b. $40 million c. $50 million d. $62.5 million e. $250 million