Suppose the following data describe output in two different years: Item Year 1 Quantity Year 1 Price Year 2 Quantity Year 2 Price Oranges 15,000  $     0.20 20,000  $       0.25 Computers 600  $750.00 700  $  840.00 Video Games 8,000  $     0.75 10,000  $       1.00 Compute real GDP in year 2 (Enter as a numeric value e.g. 100000)

The costs of lead contamination have been estimated to be $1 billion for medical care of those sickened by lead, plumbing repairs, and reduced earnings of those affected by lead. This $1 billion can best be classified as:

Market failure means that the economy is definitely producing:

True or False.  Each state within the United States pays the same amount of unemployment benefits to unemployed workers.

A commercial bank’s reserves are

Interpret the following statement: “An increase in the price of wheat will encourage farmers to increase the quantity of wheat supplied to the market.”

One major advantage of credit cards used for transactions is that they

The costs of lead contamination have been estimated to be $1 billion for medical care of those sickened by lead, plumbing repairs, and reduced earnings of those affected by lead. This $1 billion can best be classified as:

Market failure means that the economy is definitely producing:

Ceteris paribus, if the Fed raises the reserve requirement, then: