Exports minus imports equals:
(a) NX;
(b) GDP;
(c) Net exports;
(d) a and c are correct.
Answer: (d) a and c are correct.
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If the price of gasoline increases and the price of food remains the same, then real income measured in terms of
A) gasoline increases. B) gasoline decreases. C) food increases. D) food decreases.
Refer to the accompanying table. Martha's opportunity cost of making of a pie is: Time to Make a PieTime to Make a CakeMartha60 minutes80 minutesJulia50 minutes60 minutes
A. 80 cakes. B. 4/3 of a cake. C. 8 cakes. D. 3/4 of a cake.
Answer the following statement true (T) or false (F)
1) Unlike most demand curves, the demand curve for loanable funds is upsloping. 2) Present value is the amount to which some current amount of money will grow as interest compounds over time. 3) The time-value of money refers to the idea that a given amount of money is more valuable to a person the sooner it is received. 4) The future value of $3,000 deposited today at 5 percent interest is $3,646.52 four years from now. 5) The present value of $4,000 deposited today at 8 percent interest is $5,038.85 three years from now.
When a country or a region of a country specializes in producing the product that has the lower opportunity cost compared to another country or region, it is practicing
A) absolute advantage. B) cost disadvantage. C) regional advantage. D) comparative advantage.