Real GDP measures the value of goods and services produced in a given year valued using
A) base year prices.
B) prices that prevail the same year.
C) no prices.
D) future prices.
E) real rather than nominal prices.
A
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When Americans increase their demand for Japanese goods
A) the demand for dollars will rise, and the demand for yen will rise. B) the supply of dollars will rise, and the demand for yen will rise. C) the demand for dollars will fall, and the demand for yen will rise. D) the supply of dollars will fall, and the demand for yen will fall.
When total utility is maximized, marginal utility will be
a) Positive b) Zero c) negative d) negative then positive
Figure 6.5 shows the short-run and long-run effects of an increase in demand of an industry. The market is in equilibrium at point A, where 100 identical firms produce 6 units of a product per hour. If the market demand curve shifts to the right, which of the following statements is true in the short run?
A. The market price rises to $12, which is greater than the average total cost. B. Each existing firm maximizes its profit by producing the output where marginal cost equals $12. C. Each existing firm produces two more units per hour, compared to its initial profit-maximizing output level at point A. D. All of these are correct.
The New Deal was the economic program of
A. Herbert Hoover. B. Franklin D. Roosevelt. C. Dwight D. Eisenhower. D. Lyndon B. Johnson.