When economists say that a good is nonrival in consumption, they mean that:
A. no one wants the good.
B. everyone wants the good.
C. the good is widely available.
D. more than one person can enjoy the good at the same time.
Answer: D
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Starting from long-run equilibrium, a large decrease in government purchases will result in a(n) ________ gap in the short-run and ________ inflation and ________ output in the long-run.
A. expansionary; lower; potential B. expansionary; higher; potential C. recessionary; lower; potential D. recessionary; lower; lower
While the debate between output and the environment is subjective, all countries should aim to be where on the production possibility frontier?
a. Inside the PPF with allocative efficiency b. Outside the PPF with allocative efficiency c. Inside the PPF with productive efficiency d. On the PPF with productive efficiency
U.S. exports are $300 billion, U.S. imports are $500 billion. Which of the following are consistent with the level of net exports?
a. The U.S has a trade surplus. The U.S. purchases $800 billion worth of foreign assets and foreign countries purchase $600 billion worth of U.S. assets. b. The U.S. has a trade surplus. The U.S. purchases $600 billion worth of foreign assets and foreign countries purchase $800 billion worth of U.S. assets. c. The U.S has a trade deficit. The U.S. purchases $800 billion worth of foreign assets and foreign countries purchase $600 billion worth of U.S. assets. d. The U.S. has a trade deficit. The U.S. purchases $600 billion worth of foreign assets and foreign countries purchase $800 billion worth of U.S. asset.
Refer to Figure 35.3 for the production possibilities curves for the United States and Mexico. These two curves indicate that
A. The United States does not have an absolute advantage in the production of either good. B. Mexico has an absolute advantage in the production of machinery. C. The United States has an absolute advantage in the production of both goods. D. The United States has a comparative advantage in the production of machinery.