If nominal GDP increased from $5,000 billion in 2010 to $5,500 billion in 2011 and the GDP deflator increased from 130 to 140 over the same time period, what would the 2011 real GDP equal expressed in terms of 2010 dollars?

A rent ceiling results in a shortage. As a result, which of the following do you expect?

A) The shortage will persist as long as the ceiling is in effect. B) Discrimination as landlords choose their tenants, possibly based on race, age, or gender. C) A black market for apartments whereby higher rents are obtained through various other charges. D) All of the above would be expected.

Which of the following is not a necessary condition for a flat BP curve?

A) perfect capital mobility B) perfect asset substitutability C) fixed exchange rates D) floating exchanges rates E) Both C and D