From 2004 to 2007, the growth rates of M1 and M2
A) were identical.
B) both increased but at different rates.
C) both decreased but at different rates.
D) moved in opposite directions.
D
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At a trough in the business cycle, the macroeconomic equilibrium is ________ the level of potential real GDP
A) equal to B) rising above C) greater than D) less than E) None of the above answers is always correct because the relationship depends on whether the previous phase of the business cycle had been a recession or an expansion. The table gives the aggregate demand and aggregate supply schedules for a nation.
Refer to Table 21.1. If Martha's income doubled to $220,000 while the incomes of the other four residents did not change, what would happen to the original mean income on Richlandia?
A) It would increase by $22,000. B) It would increase by $44,000. C) It would double. D) It would not change.