The following price-quantity coordinates for gold used by U.S. dentists were observed: P = $875/ounce, Q = 342,000 . P = $200/ounce, Q = 706,000 . These points most likely lie along the
a. supply curve for gold for dental use.
b. demand curve for dental use.
c. equilibrium curve for dental use.
d. production possibilities curve for dental use.
b
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The table above gives the production possibilities frontier for two countries, Anaconda and Bear. This table shows that
A) when Anaconda and Bear specialize and trade, Anaconda should specialize in the production of shoes. B) when Anaconda and Bear specialize and trade, Anaconda should produce at its production point E. C) Anaconda has an absolute advantage in the production of corn and shoes. D) Bear can consume no more than 2 bushels of corn and 700 pairs of shoes. E) Bear is unable to gain from trade with Anaconda.
Assume, in a competitive market, price is initially below the equilibrium level. We predict that price will:
A. decrease, quantity demanded will decrease, and quantity supplied will increase. B. increase, quantity demanded will increase, and quantity supplied will decrease. C. decrease and quantity demanded and quantity supplied will both decrease. D. increase, quantity demanded will decrease, and quantity supplied will increase.
The demand for loanable funds curve shows the
A) positive relationship between the interest rate and the quantity of loanable funds demanded. B) positive relationship between the demand for loanable funds curve and the supply of loanable funds curve. C) U-shaped relationship between the interest rate and the quantity of loanable funds demanded. D) negative relationship between the interest rate and the quantity of loanable funds demanded. E) negative relationship between the demand for loanable funds curve and the supply of loanable funds curve.
The short-run effect of an increase in the supply of money is
A. an increase in the price level but not in real Gross Domestic Product (GDP). B. an increase in both real Gross Domestic Product (GDP) and the price level. C. an increase in the price level, a decrease in real Gross Domestic Product (GDP), but an increase in nominal national income. D. an increase in real Gross Domestic Product (GDP) but not in the price level.