Assume that an economy has 2000 workers, each working 4000 hours per year. If the average real output per worker-hour is $10, then total output or real GDP will be:

George makes $250 a week working as a student aid. When he cashes his check he takes $100 to the cashiers office to pay part of his tuition. $25 goes to paying off his books, $75 goes for entertainment and $50 he keeps for unexpected expenditures

Which of the following statements is TRUE? A) The transactions demand for money is $125, the precautionary demand is $75 and the asset demand is $50. B) The transactions demand for money is $0, the precautionary demand is $250 and the asset demand is $0. C) The transactions demand for money is $200, the precautionary demand is $50 and the asset demand is $0. D) The transactions demand for money is $250, the precautionary demand is $0 and the asset demand is $0.

Which of the following is FALSE?

A) Consumer surplus increases after a tariff is placed on imports. B) Producer surplus increases after a tariff is imposed. C) Government revenue increases after a tariff is imposed. D) Deadweight losses result from tariffs.