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Author Question: Suppose that in October the price of a cup of cafe latte was 2.50 and 400 lattes were consumed. In ... (Read 56 times)

aabwk4

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on: Jun 30, 2018
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
Macroeconomics: Principles, Applications and Tools ¦ O'Sullivan, Sheffrin, Perez ¦ 7th Edition
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sylvia

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Reply #1 on: Jun 30, 2018
Answer to Question 1

A

Answer to Question 2

A


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