Superb Professors

Assume a hypothetical economy produces only two goods as shown below. (base year =2017OrangesYearQuantityPrice
).
Apples
Quantity
Price
2017
2
4
1
2
2018
4
5
2
3
2019
6
3
2
1
The real GDP in the year 2019 is equal to:
Group of answer choices
$28
$36
$7
$20
 
Flag this Question
Question 2
1 pts
Assume a hypothetical economy produces only two goods as shown below. (base year =2017).
Apples
Oranges
Year
Quantity
Price
Quantity
Price
2017
2
4
1
2
2018
4
5
2
3
2019
6
3
2
1
The nominal GDP in the year 2018 is equal to:
Group of answer choices
$14
$13
$26
$20
 
Flag this Question
Question 3
1 pts

Suppose a family’s income increases by 5% at the same time that inflation is 3%. Then:

Group of answer choices
the family’s standard of living will fall
the family’s standard of living is not affected by inflation
the family’s standard of living will increase
the family’s standard of living will not change
 
Flag this Question
Question 4
1 pts
Which of the following is the best example of financial investment?
Group of answer choices
A young couple purchases a new home
A student pursues an MBA degree
A retiree purchases Google stock
Ford Motor Co. builds a new manufacturing plant
 
Flag this Question
Question 5
1 pts
Which of the following is the best example of economic investment?
Group of answer choices
A retiree purchases U.S. government bonds
Apple builds a new plant to manufacture iPhones
Your college purchases a 5-year old building in order to offer more classes
You purchase Yahoo stock
 
Flag this Question
Question 6
1 pts
If consumers become pessimistic, the economy is likely to experience:
Group of answer choices
a negative demand shock
a positive supply shock
a negative supply shock
a positive demand shock
 
Flag this Question
Question 7
1 pts
If prices are sticky, then a negative demand shock will lead to:
Group of answer choices
a long-run decrease in real GDP
a long-run increase in real GDP
a short-run increase in real GDP
a short-run decrease in real GDP
 
Flag this Question
Question 8
1 pts
If prices are sticky, positive demand shock will lead to:
Group of answer choices
an unpredictable change in unemployment
a decrease in unemployment
no change in unemployment
an increase in unemployment
 
Flag this Question
Question 9
1 pts
An increase in the overall level of prices is called:
Group of answer choices
nominal GDP growth
inflation
expansion
growth
 
Flag this Question
Question 10
1 pts
Nominal gross domestic product:
Group of answer choices
can change when there is a change in either output or the price level
changes only when there is a change in the price level
measures the change in inventories over the course of a year
changes only when there is a change in output
 
Looking for a Similar Assignment? Order now and Get 10% Discount! Use Coupon Code “Newclient”

The post Assume a hypothetical economy produces only two goods as shown below. appeared first on Superb Professors.

"Order a Custom Paper on Similar Assignment! No Plagiarism! Enjoy 20% Discount"