In 2011, total output of goods and services in the United States was approximately
a. $10 trillion.
b. $12 trillion.
c. $15 trillion.
d. $20 trillion.
c. $15 trillion.
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Bob's Books is the only bookstore in town. The figure above shows the demand curve for books and Bob's Books' marginal revenue curve and marginal cost curve
Bob's Books maximizes its profit and sets the price of a book equal to ________ and has total annual revenue of ________. A) $40; $40,000 B) $30; $60,000 C) $20, $60,000 D) $10; $40,000
According the Lucas' misperception model, when prices unexpectedly rise, suppliers infer that their relative prices have _____, which induces them to _____ output
a. decreased; increase. b. increased; decrese. c. decreased; decrease. d. increased; increase.
South Korea suffered a destabilizing speculation in the late 1990s. This had the effect of ________ for the won. South Korean government tried to counteract this by raising interest rates which should have ________ the won.
A) decreasing demand; increased demand for B) decreasing the supply; increased supply of C) increasing demand; decreased demand for D) decreasing the supply; increased demand for
GDP per person
What will be an ideal response?