The English economist William Stanley Jevons described a world tour during the 1880s by a French​ singer, Mademoiselle Zelie. One stop on the tour was a theater in the Society​ Islands, part of French Polynesia in the South Pacific. She performed for her usual​ fee, which was​ one-third of the receipts. This turned out to be three​ pigs, 23​ turkeys, 44​ chickens, 5000​ coconuts, and​ “considerable quantities of​ bananas, lemons, and​ oranges.” She estimated that all of this would have had a value in France of 4000 francs. According to​ Jevons, “as Mademoiselle could not consume any considerable portion of the receipts​ herself, it became necessary in the meantime to feed the pigs and poultry with the​ fruit.”   (​Source: W. Stanley Jevons​, Money and the Mechanism of Exchange​, New​ York: D. Appleton and​ Company, 1889, pp.​ 1-2.) Do the goods Mademoiselle Zelie received as payment fulfill the three functions of money?  

The table shows an economy’s total production and the prices of the final goods it produced in 2016 and 2018.   The base year is 2016. Calculate real GDP in 2016.   Real GDP in 2016 is $

In terms of calculating GDP, which of the following is a final good, and which is an intermediate good? A            is a final good and            is an intermediate good.    

Even when we have full employment, the unemployment can never reach zero. What is the main reason for this?

Your friend gives you a ticket to a concert as a birthday present. The ticket cost $40. Which of the following represents a possible opportunity cost of attending the concert ?

In the Candyland nation, 18,000 are employed, 2,000 are unemployed, and 5,000 are not in the labor force.   What is the unemployment rate?

In terms of calculating GDP, which of the following is a final good, and which is an intermediate good? A            is a final good and            is an intermediate good.    

Sunflowers Inc. paid its workers $8 an hour in 2018 and $9 an hour in 2019. The GDP price index was 252 in 2018 and 257 in 2019. Calculate the real wage rate in each year. Round to two decimals.   The real wage rate in 2018 was $ The real wage rate in 2019 was $

Which one of the following is NOT one of the monetary policy goals of the Fed?

The top table describes an economy’s labor market and the bottom table describes its production function. What is potential GDP?