Refer to the scenario above. Using 2012 as the base year, what is the real GDP of the economy in 2013?
A) $49,500 B) $55,000 C) $47,000 D) $56,000
D
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If the government increased its purchases of goods and services by $12,000, and this resulted in an eventual increase in GDP and income of $60,000, the MPS would be equal to
A) 0.2. B) 0.4. C) 0.8. D) 2.
The CPI and the GDP deflator
a. generally move together. b. generally show different patterns of movement. c. always show identical changes. d. always show different patterns of movement.
How would a decrease in the natural rate of unemployment affect the long-run Phillips curve?
a. It would shift the long-run Phillips curve right. b. It would shift the long-run Phillips curve left. c. There would be an upward movement along a given long-run Phillips curve. d. There would be a downward movement along a given long-run Philips curve.
In this graph, where is the short-run profit-maximizing output located?
a. 0
b. C
c. q*
d. P*