U.S. GDP increased from $12.5 trillion in 2005 to $14 trillion in 2009. This means that:
A. Both of these must be true.
B. the prices of all goods and services were higher in 2009 than in 2005.
C. people in the U.S. produced more goods and services in 2009 than in 2005.
D. Either of these could be true.
Answer: D
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In the above figure, a sales tax of $1 per unit imposed on sellers shifts the
A) demand curve rightward. B) supply curve leftward. C) demand curve leftward. D) supply curve rightward.
Refer to Table 3-10. We could use the information in the table to draw a production possibilities frontier for Japan and a second production possibilities frontier for Korea. If we were to do this, measuring cars along the horizontal axis, then
In the second half of the twentieth century, the U.S. inflation rate was at its highest in the period from
A) 1960 to the early 1970s. B) the mid-1970s to the early 1980s. C) the mid-1980s to the early 1990s. D) 1990-2000.
An increase in the demand for bonds
A) raises the interest rate and increases equilibrium quantity of bonds. B) raises the interest rate and decreases equilibrium quantity of bonds. C) lowers the interest rate and decreases equilibrium quantity of bonds. D) lowers the interest rate and increases equilibrium quantity of bonds.