A mostly filled movie theatre is an impure public good
a. True b. False
a
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A country reports a potential GDP of $6 trillion, a natural unemployment rate of 4 percent and an expected inflation rate of 2 percent. Using Okun's Law, if the unemployment rate is 5 percent, what is real GDP?
What will be an ideal response?
Suppose Stan transfers $1,000 from his checking account into a savings account. What are the effects on M1 and M2 money supply?
A) M1 increases; M2 decreases. B) M1 decreases; M2 remains the same. C) Both M1 and M2 increase. D) Both M1 and M2 decrease. E) Both M1 and M2 remain the same.
Proprietors' income is a component of which approach to measuring GDP?
A) incomes approach B) expenditure approach C) cost approach D) output approach
Which of the following factors will make the demand for a product more elastic?
A) The product has no close substitutes. B) A very small proportion of income is spent on the good. C) A long time period has elapsed since the product's price changed. D) The change in the product's price was unexpected.