If nominal GDP was $11,500 billion in 2003 and the price level in 2003 was 111.6, then real GDP would have been approximately
A. $9,750 billion.
B. $9,795 billion.
C. $10,305 billion.
D. $10,485 billion.
Answer: C
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Free riders often result in
A. overallocation of resources. B. competitive markets. C. scarcity of time. D. market failure.
Which of the following indicates that the U.S. economy has become more stable since 1950?
A) less severe fluctuations in real GDP B) longer recessions C) shorter expansions D) All of the above indicate that the U.S. economy has become more stable since 1950.
Describe the pressures that discourage trade.
What will be an ideal response?
In the long run, if the Fed decreases the rate at which it increases the money supply,
a. inflation and unemployment will be higher. b. inflation will be higher and unemployment will be lower. c. inflation will be lower and unemployment will be higher. d. None of the above is correct.