Relationship Between Real GDP And Potential GDP
Order ID 53563633773 Type Essay Writer Level Masters Style APA Sources/References 4 Perfect Number of Pages to Order 5-10 Pages Description/Paper Instructions
Relationship Between Real GDP And Potential GDP
Question 1 The United States can use all its resources to produce 250 DVDs or 500 shoes. China can u1 answer below »
Question 1
The United States can use all its resources to produce 250
DVDs or 500 shoes. China can use all of its resources to produce 30 DVDs or 300
shoes. The opportunity cost of producing a DVD in the United States is
Question 2
The relationship between real GDP and potential GDP over the
business cycle can be best summarized by which of the following statements?
Question 3
A south sea island produces only coconuts. In 2012, the price
of a coconut is $1 and the quantity produced is 200. In 2013, the price of a
coconut is $1.50 and the quantity produced is 250. 2012 is the base year. Real
GDP in 2013 is ________.
Question 4
Computer chips are a normal good. Suppose the economy slips
into a recession so that income falls. As a result, the demand for computer
chips ________ so that the price of a computer chip ________.
Question5
The expenditure approach to measuring GDP is done by using
data on only
Question 6
Scarcity requires that we
Question 7
Why is a production possibilities frontier bowed out
(concave)?
Question 8
The law of supply states that, other things remaining the
same,
Question 9
When a person has a comparative advantage in producing a good
or service, the person has
Question 10
The difference between nominal GDP and real GDP is
Question 11
Assume a competitive market is in equilibrium. There is an
increase in demand, but no change in supply. As a result the equilibrium price
________, and the equilibrium quantity ________.
Question 12
GDP is best defined as the ________ in a given time period.
Question 13
The circular flow model is used to show the
Question 14
Real GDP can increase if the
Question 15
A point on the production possibilities
frontier reflects an
Question 16
Consumers regard Dell computers and Apple
computers as substitutes. If the price of a Dell computer decreases, the
Question 17
Hank requires 1 hour to cut the grass and
3 hours to clean the house. His sister Holly requires 1 hour to cut the grass
and 4 hours to clean the house. Which of the following statements is true?
Question 18
The demand for oranges increases while
the supply decreases. The equilibrium price of oranges ________, and the
equilibrium quantity ________.Question
19
In order to measure gross domestic product, we can follow
Question 20
The opportunity cost of one more slice of pizza in terms of
sodas is theQuestion 21
One reason the total sum of the income categories does not
equal GDP is that
Question 22
The law of demand implies that, other things remaining the
same,
Question 23
Moving along the production possibilities frontier itself
illustrates
Question 24
What is gained when people engage in specialization and
trade?
Question 25
Because of the circular flows of expenditure and income in
the economy, total ________ equals total ________ equals total ________.
RUBRIC
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