Which aggregate expenditure categories are influenced by the level of real GDP?
A) investment and government expenditures on goods and services
B) consumption and government expenditures on goods and services
C) consumption and investment
D) imports and exports
E) consumption and imports
E
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Refer to above Table 2-2. Choosing the prices of year 2 gives a ________ increase in real GDP because year 2 prices place a ________ valuation on quantities that have increased ________ rapidly
A) lower, higher, least B) higher, lower, most C) higher, higher, least D) lower, lower, most
Suppose a shortage for good A exists. Given this information, we know that
A) the price of good A will tend to rise toward the equilibrium level. B) the price of good A will tend to fall toward the equilibrium level. C) a government price floor should be imposed above the current price so that the market can work more effectively. D) a government price ceiling should be imposed above the current price so that the market can work more effectively.