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1. Which of the following is the best definition of economic growth? a. Massive increases in the money supply coupled with high rates of inflation b. A decrease in home ownership c. An increase in real per capita GDP d. An increase in nominal GDP combined with a similar increase in the price level 2. Household income levels rise across the U.S. due to a strong economy. What is the expected impact on the market for new cars (assuming new cars are normal goods)? a. The price and quantity of new cars sold would likely stay the same as before b. The price and quantity of new cars sold would increase c. The price of new cars would rise, but the quantity purchased would stay the same. d. The price and quantity of new cars sold would decrease. 3. The market price for XYZ Corporation stock is currently $50 per share with a quantity of 100,000 shares traded per day. Which of the following events would lead to a new equilibrium price of $75 per share and a new equilibrium quantity of 125,000 shares traded per day? a. an announcement that XYZ Corporation suffered record losses last quarter b. an announcement that XYZ Corporation owes hundreds of millions of dollars in back taxes c. an announcement that XYZ Corporation won a patent lawsuit against its main competitior. d.all of the above e. none of the above 4. When demand increases... a. equilibrium price will increase and equilibrium quantity will decrease. b. equilibrium price will decrease and equilibrium quantity will increase. c. both equilibrium price and quantity will decrease. d. both equilibrium price and quantity will increase. e. none of the above w

1. Which of the following is the best definition of economic growth? a. Massive increases in the money supply coupled with high rates of inflation b. A decrease in home ownership c. An increase in real per capita GDP d. An increase in nominal GDP combined with a similar increase in the price level 2. Household income levels rise across the U.S. due to a strong economy. What is the expected impact on the market for new cars (assuming new cars are normal goods)? a. The price and quantity of new cars sold would likely stay the same as before b. The price and quantity of new cars sold would increase c. The price of new cars would rise, but the quantity purchased would stay the same. d. The price and quantity of new cars sold would decrease. 3. The market price for XYZ Corporation stock is currently $50 per share with a quantity of 100,000 shares traded per day. Which of the following events would lead to a new equilibrium price of $75 per share and a new equilibrium quantity of 125,000 shares traded per day? a. an announcement that XYZ Corporation suffered record losses last quarter b. an announcement that XYZ Corporation owes hundreds of millions of dollars in back taxes c. an announcement that XYZ Corporation won a patent lawsuit against its main competitior. d.all of the above e. none of the above 4. When demand increases... a. equilibrium price will increase and equilibrium quantity will decrease. b. equilibrium price will decrease and equilibrium quantity will increase. c. both equilibrium price and quantity will decrease. d. both equilibrium price and quantity will increase. e. none of the above w

Brief Principles of Macroeconomics (MindTap Course List)
Brief Principles of Macroeconomics (MindTap Course List)
8th Edition
ISBN:9781337091985
Author:N. Gregory Mankiw
Publisher:N. Gregory Mankiw
Chapter7: Production And Growth
Section: Chapter Questions
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1. Which of the following is the best definition of economic growth? a. Massive increases in the money supply coupled with high rates of inflation b. A decrease in home ownership c. An increase in real per capita GDP d. An increase in nominal GDP combined with a similar increase in the price level 2. Household income levels rise across the U.S. due to a strong economy. What is the expected impact on the market for new cars (assuming new cars are normal goods)? a. The price and quantity of new cars sold would likely stay the same as before b. The price and quantity of new cars sold would increase c. The price of new cars would rise, but the quantity purchased would stay the same. d. The price and quantity of new cars sold would decrease. 3. The market price for XYZ Corporation stock is currently $50 per share with a quantity of 100,000 shares traded per day. Which of the following events would lead to a new equilibrium price of $75 per share and a new equilibrium quantity of 125,000 shares traded per day? a. an announcement that XYZ Corporation suffered record losses last quarter b. an announcement that XYZ Corporation owes hundreds of millions of dollars in back taxes c. an announcement that XYZ Corporation won a patent lawsuit against its main competitior. d.all of the above e. none of the above 4. When demand increases... a. equilibrium price will increase and equilibrium quantity will decrease. b. equilibrium price will decrease and equilibrium quantity will increase. c. both equilibrium price and quantity will decrease. d. both equilibrium price and quantity will increase. e. none of the above w
Transcribed Image Text:1. Which of the following is the best definition of economic growth? a. Massive increases in the money supply coupled with high rates of inflation b. A decrease in home ownership c. An increase in real per capita GDP d. An increase in nominal GDP combined with a similar increase in the price level 2. Household income levels rise across the U.S. due to a strong economy. What is the expected impact on the market for new cars (assuming new cars are normal goods)? a. The price and quantity of new cars sold would likely stay the same as before b. The price and quantity of new cars sold would increase c. The price of new cars would rise, but the quantity purchased would stay the same. d. The price and quantity of new cars sold would decrease. 3. The market price for XYZ Corporation stock is currently $50 per share with a quantity of 100,000 shares traded per day. Which of the following events would lead to a new equilibrium price of $75 per share and a new equilibrium quantity of 125,000 shares traded per day? a. an announcement that XYZ Corporation suffered record losses last quarter b. an announcement that XYZ Corporation owes hundreds of millions of dollars in back taxes c. an announcement that XYZ Corporation won a patent lawsuit against its main competitior. d.all of the above e. none of the above 4. When demand increases... a. equilibrium price will increase and equilibrium quantity will decrease. b. equilibrium price will decrease and equilibrium quantity will increase. c. both equilibrium price and quantity will decrease. d. both equilibrium price and quantity will increase. e. none of the above w
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