The following table provides data for an economy in a certain year. Consumption expenditures1,000Imports600Government purchases of goods and services700Construction of new homes and apartments500Sales of existing homes and apartments600Exports500Government payments to retirees200Household purchases of durable goods300Begining-of-year inventory500End-of-year inventory600Business fixed investment300Given the data in the table, compute the investment component of GDP.
A. 800
B. 900
C. 300
D. 400
Answer: B
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The slope of an indifference curve at all points reflects
A. the terms by which the consumer can trade off goods in the market. B. the relative prices of the two goods. C. the willingness of the consumer to trade one good for another. D. consumer income relative to the price of a good. E. the relative price ratio of the two goods.
Assume a tomato farmer owns one truck and employs one driver. One Saturday a month he brings one truck load of tomatoes to the Farmer's Market
Over time he discovers that the demand for his tomatoes has increased dramatically as a result of increased marketing and advertising for the market. Explain both the short run and the long run impact on the equilibrium price and quantity of the farmer's tomatoes. Explain in terms of elasticity of supply.
This factor contributes to the winner's curse
a. your estimate of the value of the object was not the most optimistic b. your bid was not the highest c. there were many other bidders that you beat out d. you did not shade your bid enough
If inflation in country A exceeds inflation in country B, we can express the percentage change in the units of currency of country A per unit of currency of country B as:
A. the inflation rate in country A - the inflation rate in country B. B. the inflation rate in country A divided by the inflation rate in country B. C. the inflation rate in country A times the inflation rate in country B. D. the inflation rate in country B - the inflation rate in country A.