Refer to the information provided in Figure 2.5 below to answer the question(s) that follow.
Figure 2.5Refer to Figure 2.5. The marginal rate of transformation in moving from Point B to Point A is
A. -2/3.
B. -3/4.
C. -1.5.
D. -20.
Answer: A
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Refer to the above figure. If real Gross Domestic Product (GDP) is $2 trillion, then
A) the level of total planned expenditures is less than real GDP. B) the level of total planned expenditures is greater than real GDP. C) the level of total planned expenditures equals real GDP. D) the level of total planned expenditures equals zero.
Between 1870 and 1900, total land under cultivation
a. increased by roughly 25 percent b. increased by roughly 50 percent. c. more than doubled. d. increased fourfold.
If there are 40 firms in a monopolistic competitive industry, the oldest (or first) firm will have ___________ market share to qualify as the oldest (or first) firm
a. no less than 50 percent b. no less than 10 percent c. no more than 5 percent d. no more than 1 percent e. there is no specific percentage
According to the monetarist view, the aggregate supply curve is:
A. Horizontal until full employment is reached and then it becomes vertical. B. Horizontal at all levels of output. C. Vertical at the natural rate of unemployment. D. First horizontal, then upward sloping, and finally vertical.