To calculate the time required for real GDP to double, we _____
a. divide the annual growth rate by 72
b. divide 72 by nominal GDP
c. divide real output by 72
d. divide 72 by the annual growth rate
e. multiply real GDP by 72
d
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If a factor of production comes to have more and more alternative uses, its supply curve to any one use
a. remains unchanged. b. becomes more inelastic. c. becomes more elastic. d. may move in any direction.
Suppose that the average equilibrium monthly rental price of apartments and rooms in a college town had been steady at $600, but then the college expanded enrollment from 10,000 to 12,000, and suddenly there was a shortage of rental housing at the prevailing price of $600 . Which of the following is most likely to be true?
a. The shortage occurred because demand increased, and a new market equilibrium will feature higher rental prices and more rental units available on the market. b. The shortage occurred because demand decreased, and a new market equilibrium will feature lower rental prices and fewer rental units available on the market. c. The shortage occurred because demand increased, and a new market equilibrium will feature higher rental prices and fewer rental units available on the market. d. The shortage occurred because supply increased, and a new market equilibrium will feature lower rental prices and fewer rental units available on the market.