A $10 million increase in government spending has the same economic impact as a $10 million tax cut
a. True
b. False
Indicate whether the statement is true or false
False
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If the money supply in an economy is $300, the price level is $4, and real GDP is $1,500, what is the nominal value of output?
a. $1,200 b. $4,500 c. $6,000 d. $180,000 e. $500
In long-run equilibrium in perfect competition, the entry and exit of firms will drive economic profits to zero
a. True b. False Indicate whether the statement is true or false
A market demand curve shows how the total quantity demanded of a good varies as
a. income varies. b. price varies. c. price of the nearest substitute good varies. d. supply varies.
Full employment is estimated to occur at an unemployment rate
A. Between 10 and 12 percent. B. Equal to 0 percent. C. Between 1 and 2 percent. D. Between 4 and 6 percent.