Suppose y = Ak1/4, the capital-labor ratio is $40,000 per worker, the level of total factor productivity is 800, 70% of the population works, and there are 70 million workers. Real GDP per capita is

The above figure shows the U.S. market for replacement cell phone batteries. Area C is the

A) deadweight loss from tariff. B) decrease in consumer surplus due to the tariff. C) increase in producer surplus due to the tariff. D) tariff revenue. E) loss in total surplus because of the tariff.

The purchase of Treasury securities by the Federal Reserve will, in general

A) not change the money supply. B) decrease the quantity of reserves held by banks. C) increase the quantity of reserves held by banks. D) not change the quantity of reserves held by banks.