If the price level rises, what will happen to the level of real GDP supplied?
A. It will usually decrease.
B. It will usually increase.
C. Nothing.
D. It will decrease at first and then increase.
Answer: B
Economics
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When government expenditures are greater than tax revenues
A) there will be budget surplus. B) the public debt will be reduced. C) there will be budget deficit. D) automatic stabilizers do not kick in.
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Michael Jordan's rookie salary in 1984 was $550,000 . The CPI in 1984 was 103.9, while the CPI in 2010 was 218.1 . What is Michael Jordan's rookie salary in 2010 dollars?
Economics