If the stock of money is $250 billion, velocity is 5, and the price level is 10, what is real output?
A. $5 billion
B. $125 billion
C. $500 billion
D. $12,500 billion
Answer: B
Economics
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If potential GDP for the first quarter of 2013 = $75.8 billion, nominal GDP for the first quarter of 2013 = $80.3 billion, and the GDP deflator = 109, then the output gap was
A) 2.8%. B) 4.7%. C) 5.6%. D) 5.9%.
Economics
In the above figure, assuming Firm 1 and Firm 2 are the sole producers in the industry, the industry quantity supplied at price P1 is equal to
A) Q1 + Q2. B) Q1 + Q3. C) Q2 + Q4. D) Q4 - Q2.
Economics