The economy can produce 15X and 15Y, 10X and 20Y, 5X and 25Y, or 0X and 30Y. It follows that opportunity cost of 1X is ___Y.
What will be an ideal response?
1.0
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Indicate whether the statement is true or false
Because of the productivity slowdown in the United States from the mid-1970s through the mid-1990s,
A) the standard of living increased in the United States. B) real GDP per capita grew more rapidly. C) real GDP per capita grew more slowly. D) the standard of living did not change.
Suppose you only consume food and clothing, and clothing is plotted on the vertical axis. Also, you purchase food at a fixed price (PF), but the price of clothing declines as you buy in larger quantities (i.e., quantity discounts)
What does the budget line look like in this case? A) The budget line is a straight line B) The budget line is now concave to (bows out from) the origin C) The budget line is now convex to (bows in toward) the origin D) The budget line will not be a straight line, but it may be concave or convex
Based on the graph showing the effects of a government budget deficit, how would a budget deficit influence the equilibrium quantity of saving and investment?
a. It would create a higher equilibrium quantity of saving and investment.
b. It would create a lower equilibrium quantity of saving and investment.
c. It would have no influence on the equilibrium quantity of saving and investment.
d. It would drive the equilibrium quantity of saving and investment to zero.