Which of the following is a nominal quantity?
A. The number of people unemployed
B. The amount of coal mined in one month
C. The current price of a barrel of oil
D. The number of cars produced in 2017
Answer: C
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Which of the following statements is false?
a. In a competitive market, the price mechanism encourages conservation of a depletable resource. b. As the price of a depletable resource rises, its known reserves often increase. c. Prices of depletable resources have risen in the twentieth century primarily because resource producers have exercised monopoly or oligopoly power. d. Shortages of depletable resources occur primarily when governments or others interfere with the price mechanism.
This graph demonstrates the domestic demand and supply for a good, as well as the world price for that good.
According to the graph shown, if this economy were open to free trade, it would:
A. export this good because the world price is greater than the domestic price. B. import this good because the world price is greater than the domestic price. C. import this good because the domestic price is greater than the world price. D. export this good because the domestic price is greater than the world price.
Two firms compete as a Stackelberg duopoly. The demand they face is P = 100 ? 3Q. The cost function for each firm is C(Q) = 4Q. The outputs of the two firms are:
A. QL = 16; QF = 8. B. QL = 12; QF = 8. C. QL = 24; QF = 12. D. QL = 20; QF = 15.
Refer to the World View article titled "North Korea's Food Shortage Grows." If North Korea reduces the size of its military and produces more food, this is most consistent with
A. A laissez faire policy. B. A movement along the economy's production possibilities curve. C. Privatization. D. The law of increasing opportunity costs.