Both Mergatroid and the Geebocks produce only gizmos and widgets. It is possible for Mergatroid to have
A) an absolute and a comparative advantage in both products.
B) an absolute but not a comparative advantage in both products.
C) a comparative but not an absolute advantage in both products.
D) neither a comparative nor an absolute advantage in both products.
B
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A crisis in the Middle East drastically raises the price of petroleum. If the aggregate demand curve does not shift, then aggregate supply will ________, real GDP will ________, and the price level will ________
A) increase; remain the same; increase B) decrease; decrease; increase C) increase; increase; increase D) remain the same; increase; increase E) decrease; remain the same; decrease
Which of the following is an example of a measure of labor productivity?
A) Farm workers produce 30 bushels of wheat per worker per day. B) Autos get 30 gallons to the mile. C) The growth rate of per capita real GDP is 3.5 percent per year. D) Wages increase by 3.5 percent per year for 5 years.
When prices for goods and services are quoted in money terms, this is an example of money being used as a store of value
a. True b. False Indicate whether the statement is true or false
Which of the following is a component of aggregate demand?
A. Consumption B. Net exports C. Investment D. All of these are components of aggregate demand.