If a country had a nominal GDP of $7,664 billion and a real GDP of $9,346 billion, what was the GDP deflator?
a. 80
b. 82
c. 120
d. 122
b. 82
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In the 1980s, a new category entitled ________ was added to M1
A) money market mutual fund deposits B) other checkable deposits C) demand deposits D) traveler's checks
What is mechanism design? Give at least two examples
What will be an ideal response?
The forces of supply and demand assure that
a. demand curves and supply curves tend to shift to the right as time goes by. b. the price of a good will eventually rise in response to an excess demand for that good. c. when the supply curve for a good shifts, the demand curve for that good shifts in response. d. the equilibrium price of a good will be rising more often than it will be falling.
Briefly explain the difference between price effect and output effect, and discuss how they are related to the marginal revenue and demand curves for a monopolist.
What will be an ideal response?