The above table gives data for the nation of Mojo. At what level of real GDP is the unplanned inventory change equal to $1.75 trillion?
A) $12.0 trillion B) $6.0 trillion C) $9.0 trillion D) $3.0 trillion E) $0.0 trillion
C
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Suppose the full-employment equilibrium real wage rate is $11 per hour while the actual real wage rate is $12 per hour. If the actual real wage rate does not change, then
A) job rationing will decrease. B) the production function will shift downward. C) job search will decline. D) job rationing will occur. E) a positive Okun Gap will occur.
Which of the following is possible in a 2-input production technology.
A. The technology has increasing returns to scale but diminishing marginal product of all inputs. B. The technology has increasing returns to scale but diminishing marginal product of all but one input. C. The technology has decreasing returns to scale but increasing marginal product of one input. D. (a) and (b) E. (a) and (c) F. (b) and (c) G. None of the above H. All of the above
Assume the government decides to reduce spending in order to reduce the budget deficit, which it financed by borrowing in the real credit market. Where and how should you begin your analysis when analyzing the chain reaction of economic interactions?
a. Start the analysis in the real goods market with aggregate demand shifting to the right. b. Start the analysis in the real goods market with aggregate supply shifting to the left. c. Start the analysis in the real goods market with aggregate supply shifting to the right. d. Start the analysis in the real credit market with demand for real credit shifting to the left. e. Start the analysis in the real credit market with demand for real credit shifting to the right.
If this is a closed economy how many cars will be exchanged?
A. 40,000 B. 20,000 C. 80,000 D. 60,000