15 Assume That An Economy Produces Only Two Goods Computers And Gasoline The Quantity And Price Of Each Are Given In 1 (111.47 KiB) Viewed 66 times
15 Assume That An Economy Produces Only Two Goods Computers And Gasoline The Quantity And Price Of Each Are Given In 2 (282.06 KiB) Viewed 66 times
15. Assume that an economy produces only two goods, computers and gasoline. The quantity and price of each are given in the table below. If the base year is 2000, how do nominal and real gross domestic product (GDP) change between 2000 and 2004?* Year Price of Computers Quantity of Computers (in millions) Price of Quantity of Gasoline Gasoline (in millions) 2000 $1,000 5 5 $1 500 2004 $500 10 $2 250
18. Which of the following would not cause a shift in the aggregate demand (AD) curve? * The government cuts taxes. O Expectations of a growing economy lift business confidence and investment. The Fed chooses a more expansionary monetary policy. O Technological progress improves productivity. 19. What sequence of events results from a decrease in aggregate demand? O P*, inventories 1, firms respond by output 1, and employment OP , inventories, firms respond by output:, and employment. inventories, firms respond by output 1, and employment OP inventories, firms respond by output, and employment
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