A fall in the price of wheat fertilizer ________ the equilibrium price of wheat and ________ the equilibrium quantity of wheat
A) raise; increase
B) raise; decrease
C) lower; increase
D) lower; decrease
C
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Suppose policy makers want to increase GDP by $450 billion. If the marginal propensity to consume is 0.9, by how much must taxes decrease to achieve this target?
What will be an ideal response?
Refer to Figure 4.8. How many different Nash equilibrium points are there in this game?
A) 0 B) 1 C) 2 D) 3
What can economists conclude if they observe an increase in real GDP?
A) The price level must have fallen. B) The real output of final goods and services must have risen. C) National welfare must have risen. D) Nominal GDP must have risen. E) All of the above.
The U.S. Office of Management and Budget plays a crucial role in the federal rule-making process
Indicate whether the statement is true or false