An economy has two workers, Jen and Rich. Everyday they work, Jen can produce 2 TVs or 10 radios, and Rich can produce 4 TVs or 12 radios. What is the opportunity cost for Jen to produce one TV?
A. 5 radios
B. 1/3 radio
C. 10 radios
D. 1/5 radio
Answer: A
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In the above figure, what would result if the price was $40?
A) a surplus B) a shortage C) equilibrium D) excess demand
Suppose the value of income elasticity of demand for a private college education is equal to 1.5 . This means that:
a. every $1 increase in income provides an incentive for a $1.50 increase in expenditures on private college education. b. every $1.50 increase in income provides an incentive for a $1 increase in expenditures on private college education. c. a 10 percent increase in income causes a 15 percent increase in the quantity of private college education purchased. d. a 15 percent increase in income causes a 10 percent increase in the quantity of private college education purchased. e. a 10 percent decrease in private college tuition will have a large enough income effect to increase spending on private college education by 15 percent.
Which of the following is a credit in the U.S. current account? a. A U.S. consumer buys a TV made in Malaysia
b. Singapore Airlines buys a jumbo jet made in the United States. c. British investors purchase U.S. government bonds. d. An American citizen flies to Lithuania on the Lithuanian Airlines.
Which of the following would indicate that the dollar amount being analyzed is money?
a. M1 money stock of $1.4 trillion at the end of 2010 b. Microsoft profits of $500 billion in 2010 c. The first quarter of 2002 d. Nominal GDP in 2010 of $14.7 trillion