Refer to the information for this hypothetical economy provided in Table 20.1 below to answer the question(s) that follow.Table 20.1 2014 2015 2016QuarterIIIIIIIVIIIIIIIVIIIIIIIVOutput9094981029691888487949087Refer to Table 20.1. Which of the following quarters can be associated with inflation?
A. the second quarter of the year 2016
B. the second quarter of the year 2014
C. the first quarter of the year 2016
D. all of the above
Answer: D
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You like bundle A better than bundle B, and bundle C is an average of bundles A and B. Which of the following is correct if your tastes satisfy our usual assumptions?
A. Bundle C is at least as good as bundle B. B. Bundle A is at least as good as bundle C. C. Both (a) and (b). D. None of the above. E. There is not enough information to tell.
Since housing generally represents a large part of most household budget, the elasticity of demand for housing is likely to be large.
Answer the following statement true (T) or false (F)
Exhibit 10-8 Aggregate demand and supply
In Exhibit 10-8, if aggregate demand shifts from AD1 to AD2,
A. real GDP will increase from $3.0 to $7.0, and the price level will remain the same. B. real GDP will increase from $3.0 to $4.0, and the price level will remain the same. C. real GDP and the price level will both remain the same. D. real GDP will increase from $3.0 to $4.0, and the price level will increase from 100 to 140.
The output level at which the aggregate demand curve intersects the aggregate supply is always the level at which
A. Saving is zero. B. Micro equilibrium is achieved. C. Macro equilibrium is achieved. D. Full employment is sustainable by the economy.