QN=77 (17800) In 1949, Sycamore, Illinois built a hospital for about $500,000. In 1987, the county restored the courthouse for about $1.7 million. A price index for nonresidential construction was 24 in 1949, 108 in 1987, and 126.5 in 2000. According to these numbers, the hospital cost about
a. $2.1 million in 2000 dollars, which is less than the cost of the courthouse restoration in 2000 dollars.
b. $2.1 million in 2000 dollars, which is more than the cost of the courthouse restoration in 2000 dollars.
c. $2.6 million in 2000 dollars, which is less than the cost of the courthouse restoration in 2000 dollars.
d. $2.6 million in 2000 dollars, which is more than the cost of the courthouse restoration in 2000 dollars.
d. $2.6 million in 2000 dollars, which is more than the cost of the courthouse restoration in 2000 dollars.
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To counter the negative effects of the Great Recession, the U.S.
A. induced implosions in deficits through fiscal policies. B. increased the long-term interest rate to 8 percent. C. induced explosions in deficits through fiscal policies. D. reduced the inflation rate to zero.
All else constant, an increase in the supply of money will lead to _______
A) an increase in the equilibrium quantity of money and an increase in the equilibrium price of bonds. B) an increase in the equilibrium quantity of money and a decrease in the equilibrium price of bonds. C) a decrease in the equilibrium quantity of money and an increase in the equilibrium price of bonds. D) a decrease in the equilibrium quantity of money and a decrease in the equilibrium price of bonds.
Table 5.2Refer to Table 5.2. A change in the price of calculators caused the change in quantity demanded shown in the table. The price elasticity of demand for calculators (calculated using the initial-value formula) is:
A. 25. B. 1.75. C. 0.75. D. 0.25.
A period in which the level of business is consistently less than its long-term trend is known as
A. depression. B. business cycle. C. growth trend. D. recession.