When prices rise,
a. real estate is a better unit of account than money.
b. money is a worse medium of exchange than real estate.
c. money is a better store of value than real estate
d. real estate is a better store of value than money.
d
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In a simple, private economy, suppose that the MPC is .8 and investment rises by $20 million. At the new equilibrium, how much will saving have increased?
a. $8 million b. $16 million c. $20 million d. $80 million e. $100 million
The table below shows the number of labor hours required to produce one umbrella and one bushel of corn in the United Kingdom and the rest of the world. Which of the following statements is true? Labor hours to make:In the United KingdomIn the Rest of the World1 umbrella3.002.001 bushel of corn1.000.25
A. The United Kingdom has a comparative advantage in the production of corn. B. The United Kingdom has a comparative advantage in the production of umbrellas. C. The United Kingdom has a comparative advantage in the production of both goods. D. The United Kingdom has an absolute advantage in the production of umbrellas.
A perfectly elastic supply curve is
A) a straight line that crosses the horizontal axis. B) a straight line coming out of the origin. C) a horizontal straight line. D) a vertical straight line.
Which of the following might you believe if you say that "it's their fault" that the United States runs a trade deficit?
A. American consumers borrow too much to buy imported goods like cars and electronics. B. U.S. manufacturers are incompetent and unable to compete with foreign producers. C. Other countries have used nontariff barriers to keep out U.S. exports. D. The United States is a successful rich economy that can afford a lot of imports.