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Suppose the following data describe output in two different years: Item Year 1 Year 2 Apples 20,000 @ 25¢ each 30,000 @ 30¢ each Bicycles 700 @ $800 each 650 @ $900 each Movie Rentals 10,000 @ $1.00 each 12,000 @ $1.50 each By what percentage did real GDP decrease from Year 1 to Year 2? Instructions: Enter your response rounded to one decimal place.  Do not include a minus (-) sign or percent sign .Use the percentage change formula: ((New Value – Original Value)/Original Value)

Factory workers in the U.S. laid off as the plants shut down and move to Mexico and Ireland.

Suppose the following data describe output in two different years: Item Year 1 Year 2 Apples 20,000 @ 25¢ each 30,000 @ 30¢ each Bicycles 700 @ $800 each 650 @ $900 each Movie Rentals 10,000 @ $1.00 each 12,000 @ $1.50 each By what percentage did real GDP decrease from Year 1 to Year 2? Instructions: Enter your response rounded to one decimal place.  Do not include a minus (-) sign or percent sign .Use the percentage change formula: ((New Value – Original Value)/Original Value)

True or False.  The natural rate of unemployment will never be zero due to cyclical and frictional unemployment.

True or False.  Patents work for all industries.

Obstacles that make it difficult or impossible for would-be producers to enter a market are known as:

Suppose that in a population of 100 million people, 50 million are in the labor force and 47 million are employed. The unemployment percentage rate is: (Enter you value as a numeric answer with no percentage sign)

Increase in the number of tattoo parlors increases or decreases the supply of tattoos?

Increase in the number of tattoo parlors increases or decreases the supply of tattoos?

True or False.  The U.S. bills used today are fiat money.