For most goods in an economy, the primary signal that guides the decisions of buyers and sellers is
a. advertising.
b. quality.
c. reputation.
d. price.
d
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Use the following table to answer the next question. The base year is 2007. Hot DogsBaseballsBottles of SodaYearPriceQuantityPriceQuantityPriceQuantity2005$2.00100$5.0050$2.0010020064.001005.001002.0015020076.001005.001002.0020020088.001508.002004.00200200910.0020010.002004.00250Real GDP (constant dollars) for 2009 equals ________.
A. $5,000 B. $2,300 C. $3,600 D. $2,700
Which of the following best describes the effect on the aggregate supply curve if political negotiations result in a substantial decrease in the price of oil?
A) There is no change to the AS curve. B) The AS curve does not shift but there is a downward movement along it. C) The AS curve shifts leftward. D) The AS curve does not shift but there is an upward movement along it. E) The AS curve shifts rightward.
A favorable supply shock will cause the price level
a. and output to rise. b. and output to fall. c. to rise and output to fall. d. to fall and output to rise.
Real GDP per person in the United States was $9,864 in 1950. Over the next 48 years, it grew at a compound annual rate of 2.0 percent. If, instead, real GDP per person had grown at an average compound annual rate 2.5 percent, then real GDP per capita in the United States in 1998 would have been approximately ________ larger.
A. $12,530 B. $2,370 C. $25,520 D. $6,751