Within the aggregate demand/aggregate supply framework, what does the quantity produced and purchased in the goods and services market represent?
What will be an ideal response?
Real output or real GDP.
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Peet's Coffee and Teas produces some flavorful varieties of Peet's brand coffee. Is Peet's a monopoly?
A) No, Peet's is not a monopoly because there are many branches of Peet's. B) Yes, Peet's is the only supplier of Peet's coffee in a market where there are high barriers to entry. C) Yes, there are no substitutes to Peet's coffee. D) No, although Peet's coffee is a unique product, there are many different brands of coffee that are very close substitutes.
If nominal GDP is $8 trillion, and the money supply is $2 trillion, velocity is
A) 0.25. B) 4. C) 8. D) 16.
Income received minus personal taxes is called:
a. national income. b. personal income. c. disposable personal income. d. transfer payments. e. net national product.
If 130 million individuals are employed and 6 million are unemployed, what is the unemployment rate?
a. 4.8 percent b. 3.0 percent c. 4.4 percent d. 4.6 percent e. 9.6 percent