If the price of monthly satellite TV service increases from $50 to $60, the percentage change (using the average value (or the midpoint ) is:
A. 18.2%
B. 16.7%
C. 10%
D. 60%
Answer: A
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In a figure, the consumer surplus is equal to the area ________ the ________ curve and ________ the price
A) above; demand; above B) below; supply; below C) below; demand; below D) below; demand; above E) above; supply; below
Which of the following changes does NOT shift the long-run aggregate supply curve?
A) a decrease in the labor force B) a fall in the price level C) a rise in number of college graduates in the labor force D) a tax hike that reduces the capital stock
Which of the following is true of Simple Keynesian model? a. Price level increases with an increase in aggregate demand
b. The aggregate supply curve is assumed to be perfectly inelastic. c. The aggregate demand curve is assumed to be perfectly elastic. d. Price level is solely determined by the aggregate demand curve. e. Changes in aggregate demand determines equilibrium real GDP.
Suppose Smith pays $100 to Jones.
a) We can say with certainty that the GDP has increased by $100. b) We can say with certainty that the GDP has increased, but we cannot determine the amount. c) We can say with certainty that the nominal GDP has increased, but we can't say whether real GDP has increased or decreased. d) We need more information to determine whether GDP has changed.