In 2011, total output of goods and services in the United States was approximately
a. $10 trillion.
b. $12 trillion.
c. $15 trillion.
d. $20 trillion.
c. $15 trillion.
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The law of demand says that the lower the price, the
a. greater is the quantity demanded b. greater is the demand for the good c. smaller is the demand for the good d. smaller is the quantity demanded e. larger is the supply of the good
Which is a factor of production?
a. Interest b. Money c. Rent d. Capital
You are likely to think that the relative price of your good has risen and you should increase your output if you expected
A. the inflation rate to be 10% and the price of your good rose 13%. B. the inflation rate to be 10% and the price of your good rose 10%. C. the inflation rate to be 0% and the price of your good fell 10%. D. the inflation rate to be 10% and the price of your good rose 7%.
Calculate the multiplier when the MPC is .5, .75, .90. What is the relationship between MPC and the multiplier?
What will be an ideal response?