Refer to the table. For the open economy, the equilibrium GDP and the multiplier are:
Complete the following table and answer the question on the basis of the resulting data. All figures are in billions of dollars.
A. $300 and 2.5.
B. $450 and 5.
C. $400 and 4.
D. $400 and 5.
D. $400 and 5.
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Facing choices between beer and pizza, the number of pizzas a consumer would be willing to trade for just one beer is called
a. the marginal value of beer in terms of pizza. b. the marginal value of pizza in terms of beer. c. the demand for beer. d. an undesirable trade.
One prediction about monopolistic competition is that it has higher unit costs than perfect competition. But it is unreasonable to conclude that monopolistic competition is therefore bad for consumers because
A) consumers benefit from an increased variety of products. B) higher production costs means more employment. C) consumers benefit from products becoming more homogeneous. D) consumers benefit from lower prices. E) consumers benefit because of an increase in quantity available.
An increase in the value of a currency relative to other currencies is called a(n):
A. evaluation. B. overvaluation. C. appreciation. D. devaluation.
In which of the following instances is the effect on equilibrium price (whether it rises, falls, or remains unchanged) dependent on the magnitude of the shifts in supply and demand?
What will be an ideal response?