If Britain, at the point where it is currently producing, must give up the production of 75 hats to produce 25 additional sweaters, the opportunity cost of producing 3 hats is _______ sweater(s).
A) 1
B) 3
C) 22
D) 28
Ans: A) 1
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A real appreciation of the dollar is caused by either a nominal appreciation of the dollar, a rise in the foreign price level, or a fall in the U.S. price level
Indicate whether the statement is true or false
The nominal interest rate is:
A. not adjusted for inflation. B. the interest rate paid by savers. C. the interest rate paid to borrowers. D. the price level adjusted interest rate.
To avoid double counting in the calculation of GDP,
a. net exports should be excluded. b. the value of intermediate goods and services should be excluded. c. the capital consumption allowance should be excluded. d. business investment should be excluded. e. government purchases should be excluded.
The analysis of economic outcomes before and after some economic variable is changed is referred to as:
A) cardinal research. B) comparative statics. C) Pareto analysis. D) marginal study.