If real GDP in a closed economy is $40 billion, consumption is $20 billion, and government purchases are $10 billion, what is investment?
A) $10 billion B) $30 billion C) $40 billion D) $70 billion
A
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The price elasticity of the supply of teenage labor services is approximately 1.36. Suppose the minimum wage rises from $7.25 per hour to $8.75. Using the midpoint formula, what is the approximate change in the quantity of teenage labor supplied?
A) 7.3 percent B) 14.4 percent C) 25.5 percent D) There is insufficient information to answer the question.
Suppose the price of A increases by 10 percent while the quantity demanded of B does NOT change. We would conclude that
A. the two goods are not related. B. the two goods are complements, but the cross elasticity of demand is not large. C. the two goods are perfect substitutes. D. the two goods are substitutes, but the cross elasticity of demand is not large.
________ raised average tariff rates by over 50 percent in the United States in 1930
A) The GATT B) The WTO C) NAFTA D) The Smoot-Hawley Tariff
High-powered money minus currency in circulation equals
A) reserves. B) the borrowed base. C) the nonborrowed base. D) discount loans.