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econ final

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Terms in this set (67)

The ratio of nominal GDP to the stock of money is the
A. money multiplier.
B. real GDP.
C. velocity of money.
D. GDP deflator.

According to supply-side economics, the government needs to focus on policies to
A. stimulate demand.
B. decrease supply.
C. decrease demand.
D. stimulate supply

If the stock of money is $250 billion, velocity is 5, and the price level is 10, what is real output?
A. $500 billion
B. $5 billion
C. $12,500 billion
D. $125 billion

Expanding the production possibilities frontier occurs as a result of
A. a changing allocation of existing resources.
B. increased demand.
C. output growth.
D. higher wages.

The aggregate production function is Y = 3KL. If there are 30 units of capital and 40 units of labor,
aggregate output is
A. 2,100 units.
B. 3,600 units.
C. 2,500 units.
D. 400 units