If the growth rate for GDP was 9 percent and GDP in year 1 was 100, then GDP in year 2 would be
A) 90. B) 109. C) 190. D) 199.
B
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Suppose a 4 percent increase in income results in a 2 percent decrease in the quantity demanded of a good. Calculate the income elasticity of demand for the good and determine what type of good it is
What will be an ideal response?
The Federal Reserve issues a report indicating that future inflation will be higher than had previously seemed likely. As a result
A) the supply curve for bonds shifts to the right. B) the demand curve for loanable funds shifts to the left. C) the equilibrium interest rate falls. D) the equilibrium price of bonds rises.
In the long run, a monopolistic competitor will produce to the point at which
A) average total costs are at the minimum of possible ATC. B) average total costs are higher than the minimum of possible ATC. C) resources are used at the lowest possible cost. D) at the lowest possible price.
The demand for reserves will increase at lower levels of GDP
a. True b. False Indicate whether the statement is true or false