Suppose that in October the price of a cup of cafe latte was 2.50 and 400 lattes were consumed. In November the price of a latte was 2.00 and 600 lattes were consumed. What might have caused this change?
A) The price of coffee beans (an input of production of cafe lattes) fell.
B) The price of coffee beans (an input of production of cafe lattes) rose.
C) The price of tea (a substitute for cafe lattes) rose.
D) The price of tea (a substitute for cafe lattes) fell.
Question 2
At full employment, actual ________ equals ________.
A) real GDP; potential GDP
B) real GDP; nominal GDP
C) unemployment; zero
D) potential GDP; nominal GDP
E) nominal GDP; potential GDP
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The Limbourg Brothers, October, from Les Très Riches Heures du Duc de Berry.
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