Define GDP.
What will be an ideal response?
The total market value of all final goods and services produced within an economy in a given year.
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In the above figure, if the interest rate is 3 percent per year, the quantity of money demanded is
A) greater than the quantity of money supplied, and the demand for money curve will shift. B) greater than the quantity of money supplied, and the supply of money curve will shift. C) less than the quantity of money supplied, and the demand for money curve will shift. D) greater than the quantity of money supplied, and the interest rate will change. E) less than the quantity of money supplied, and the interest rate will change.
Which of the following is associated with relatively elastic demand?
a. Few substitutes; large portion of income; short time span b. Many substitutes; large portion of income; long time span c. Few substitutes; small portion of income; short time span d. Many substitutes; small portion of income; long time span
In the above figure, at the firm's profit maximizing output, total revenue is rectangle
A. 0P2BQ1. B. 0P1AQ1. C. 0P3FQ3. D. 0P5EQ5.
Refer to the information provided in Figure 2.4 below to answer the question(s) that follow.
Figure 2.4According to Figure 2.4, as the economy moves from Point A to Point E, the opportunity cost of motorcycles, measured in terms of hybrid cars
A. remains constant. B. decreases. C. initially increases, then decreases. D. increases.