Refer to the information provided in Figure 2.5 below to answer the question(s) that follow.
Figure 2.5Refer to Figure 2.5. The marginal rate of transformation in moving from Point B to Point A is
A. -2/3.
B. -3/4.
C. -1.5.
D. -20.
Answer: A
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Which of the following is NOT a key assumption of the classical model?
A) There is a single monopoly seller in many markets for goods and services. B) People cannot be fooled by money illusion. C) People are motivated by self-interest. D) Wages and prices are flexible.
Dumping is
a. the sale of a good by a foreign supplier in another country at a price below that charged by the supplier in its home market. b. an inappropriate method for getting rid of byproducts from a production process. c. a method to increase competitiveness in a market. d. all of the above. e. both a and c above.
In the above figure, if a subsidy is granted to producers that generates an efficient allocation of resources, then consumers will pay a price of
A) $20 per unit. B) $15 per unit. C) $10 per unit. D) $5 per unit.
The formula for nominal GDP is
a. Nominal GDP = Real GDP + GDP Deflator. b. Nominal GDP = Real GDP – GDP Deflator. c. Nominal GDP = GDP Deflator / Real GDP. d. Nominal GDP = GDP Deflator x Real GDP.