Based on the table above,
a. What is the equilibrium price level and real GDP?
b. If potential GDP is $11.0 trillion, what does that imply about the economy's level of employment?
c. If potential GDP is $9.0 trillion, what does that imply about the economy's level of employment?
a. The equilibrium price level is 105; the equilibrium real GDP is $10.0 trillion.
b. If potential GDP is $11.0 trillion, then the economy is at an equilibrium that is a below full-employment equilibrium with a recessionary ga
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By studying the effects of choice architecture, we can:
A. expand the simplifying assumption that people always make the choices that are best for themselves. B. blend the ideas of psychology with core economic beliefs. C. open the possibility that we can no longer tell if someone is making a mistake or choosing something that is maximizing his utility. D. All of these statements are true.
The regulation of natural monopolies is common in which of the following industries?
A. Electricity B. Tobacco C. Oil D. Alcohol