Question
Suppose a new technology has lowered the cost of producing solar vehicles, you predict that in the market for solar vehicles, there will be a(n)____?
Suppose a new technology has lowered the cost of producing solar vehicles, you predict that in the market for solar vehicles, there will be a(n)____?
A. increase in the supply of solar vehicles, a lower price, an increase in the quantity demanded.
B. increase in the supply of solar vehicles, a higher price, and an increase in the demand.
C. decrease in the supply of solar vehicles, a higher price, and a decrease in the demand.
D. increase in the quantity supplied, a lower price, and an increase in the quantity demanded.
Bobby was researching the economic growth of Denmark between 2009 and 2018. Using 2009 as the base year, he calculated a 15% increase for real GDP and a 10.5% increase for nominal GDP. His results indicate that ____.
A. the quantity of outputs produced decreased over the period.
B. the quantity of outputs produced did not change and prices decreased over the period.
C. the quantity of outputs produced and prices both decreased over the period.
D. the quantity of outputs increased and prices decreased over the period.
E. he need more information to calculate nominal GDP.
Jessica told her cousin that her first job pays her $36,000 per year. It was a lot more than her cousin's starting salary at $27,000 per year at the same job. If the CPI was 180 when her cousin got the job and CPI increased to 235 when Jessica got the job, so Jessica is ____?
A. wrong. Adjusting for quantity changes, her salary is less than her cousin's salary.
B. correct. Adjusting for price changes, her salary is slightly higher than her cousin's.
C. correct. Adjusting for quantity changes, her salary is more than her cousin's salary.
D. wrong. Adjusting for price changes, her salary is slightly less than her cousin's salary.
E. maybe wrong or maybe right. We need more price information.
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started