Refer to the above table. The price of the product being produced by this resource:
a. Decreases as production increases
b. Increases as production increases
c. Cannot be discerned from the given data
d. Is constant at all levels of production
Answer: a. Decreases as production increases
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The main item in the current account balance is
A) net interest income. B) net transfers. C) net exports. D) net taxes.
Consider the production possibilities frontier displayed in the figure shown. Which of the following combinations could not be produced?
A. (20 watermelons, 400 bushels of apples)
B. (15 watermelons, 100 bushels of apples)
C. (10 watermelons, 150 bushels of apples)
D. (0 watermelons, 400 bushels of apples)
The use of "anytime minutes" and "after-hour minutes" suggests that price is being influenced by
A) extensions. B) costs. C) time. D) constant elasticities.
In the short-run macro model, rising GDP and a falling interest rate are most likely to be the result of a(n)
a. increase in the money supply b. decrease in the money supply c. increase in government purchases d. decrease in government purchases e. decrease in taxes