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Suppose that since some base year, the price index (or GDP deflator) has increased from 100 to 125. During the same time period, NOMINAL GDP has increased from $500 billion to $600 billion. What is the value of REAL GDP at the end of this period -expressed in base-year dollars of value? Real GDP = $_____ billion base-year dollars [Answer with a 3-digit number only, please]
Money demand occurs because people ____ and will pay a price for it known as the interest rate. This ____ true for those who hold high sums of money in a checking and savings
Draw a graph showing a monopolistically competitive firm in a long-run equilibrium. What are its profits? Suppose instead that a monopolistically competitive firm sells 5 unit
What is the value of the world net loss from the cartel (deadweight loss)? Instead of maximizing profit, the cartel wants to maximize revenue or market share, at what price sh
Which of the following is a positive externality? The Coase theorem allows society to correct an externality without having to go through the trouble of defining property righ
Suppose the government increases both taxes and government purchases by $10,000. Assuming that the marginal propensity to consume is 0.75, calculate the change in private savi
If the central bank (the Federal Reserve) keeps printing money and lowering the interest rates to get consumers buy and businesses to borrow money, then the economy will impro
If asked to find a supply function for a firm in the long run, the easy for doing it is to compare AC to MC. In some cases though, that does not give the correct answer, and t
If tariffs, quotas, and subsideis each cause net welware losses, why are they so common, especially in agriculture among industrialized countries such as the United States and
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