Studies indicate that the price elasticity of demand for beer is about 0.9 . A government policy aimed at reducing beer consumption changed the price of a case of beer from $10 to $20 . According to the midpoint method, the government policy should have reduced beer consumption by

________ is the total value of final goods and services produced within the borders of a country, using market prices from a specific base year to determine the value of each unit that is produced

A) Real gross domestic product B) Gross national product C) Total product D) Nominal gross domestic product A country produces only one good. It produced 5,000 units of the good during Year 1 and 6,000 units of the good in Year 2. The price of each unit of the good in Year 1 was $280 and it was $320 in Year 2. Suppose Year 1 is taken as the base year for the calculation of GDP.

The figure above shows the demand for and supply of rental housing in Smallton. If a rent ceiling is set at $800, how many apartment units are rented?

A) 2,000 B) 3,000 C) 4,000 D) None of the above answers is correct.