If real GDP in a year was $3,668 billion and the price index was 112, then nominal GDP in that year was approximately ________.
A. $3,925 billion
B. $3,846 billion
C. $4,108 billion
D. $4,379 billion
Answer: C
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The economy pictured in the figure below has a(n) ________ gap with a short-run equilibrium combination of inflation and output indicated by point ________. 
A. recessionary; B B. recessionary; C C. recessionary; A D. expansionary; A
U.S. dollar deposits in foreign banks outside the U.S. or in foreign branches of U.S. banks are called
A) Atlantic dollars. B) Eurodollars. C) foreign dollars. D) outside dollars.
Use the following two statements to answer this question: I. The price elasticity of demand is constant along the entire length of a linear demand curve. II
The price elasticity of demand is the special name that economists give to the slope of a demand curve. A) I and II are true. B) I is true, and II is false. C) I is false, and II is true. D) I and II are false.
The definition of a model is a:
a. description of all variables affecting a situation. b. positive analysis of all variables affecting an event. c. simplified description of reality to understand and predict an economic event. d. data adjusted for rational action.