The elimination of the federal budget deficit in the 1990s put downward pressure on real interest rates

A price ceiling that sets the price of a good below market equilibrium will cause:

a. An increase in quantity demanded of the good. b. A decrease in quantity supplied of the good. c. A shortage of the good. d. All of these.

Suppose the total market value of all final goods and services produced in economy X this year is $4 million. Of the $4 million worth of goods and services, $3 million is sold and $1 million is held in inventory. For this year, the GDP for economy X is

A) $4 million. B) $3 million. C) $1 million. D) $7 million. E) none of the above