Which economic organization would have the BIGGEST role in this part of the world?
a) opec
b) nafta
c) asean
d) united nations
Answer: a) opec
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An economy has no imports or income taxes. The MPC is 0.75 and real GDP is $120 billion. Businesses increase investment by $4 billion. The new level of real GDP is
A) $140 billion. B) $128 billion. C) $136 billion. D) $124 billion. E) $132 billion.
For a product with an external cost, the supply curve
A) represents the various quantities people can buy. B) is the same as the marginal private cost curve. C) is the same as the marginal social cost curve. D) is the same as the marginal external cost curve. E) is undefined.
Based on Table 3.1, which country or countries has an absolute advantage and a comparative advantage in shoes?
A) Mexico has an absolute and comparative advantage in shoes. B) The United States has an absolute and comparative advantage in shoes. C) The United States has a comparative advantage, and Mexico has an absolute advantage in shoes. D) Mexico has a comparative advantage, and the United States has an absolute advantage in shoes. E) There is not enough information to tell.
Which of the following is (are) correct? In the classical system, the suppliers of bonds were the
a. government which always sold bonds to finance a new project. b. firms which financed all investment expenditures by selling bonds. c. government which might sell bonds to finance spending in excess of tax revenues. d. Both b and c.