Refer to the graph below. All of the following development would allow a movement from point C to a point outside the production possibilities curve, except:
A. An increase in the supply of resource
B. An improvement in the quality of resources
C. A reduction in unemployment of resources
D. A technological advance
Answer: C
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Earth Movers & Shakers operates 3 iron ore mines. The table below shows each mine's total daily production and the current number of miners at each mine. All miners work for the same wage, and each miner in any given mine produces the same number of tons per day as every other miner in that mine. Total TonsPer DayNumber ofMinersMother Lode10025Scraping Bottom3010Middle Drift7515Suppose Earth Movers & Shakers needs to fill an order for 60 tons of ore in a single day. If it has no other orders for that day, it should:
A. take 30 tons from Scraping Bottom and 30 tons from Middle Drift. B. take it all from Middle Drift. C. take 20 tons from each of the three mines. D. take it all from Mother Lode.
According to Paul Krugman, during the past decade Japan's macroeconomic policy should have incorporated which of the following?
A) stimulatory monetary policy B) stimulatory fiscal policy C) monetization of the debt by the central bank D) All of the above
When net unilateral transfers are added to the net exports of goods and services, the result is called the
a. merchandise trade balance b. official reserve transactions account c. balance of payments d. balance on capital account e. balance on current account
On the Internet you find the following offers for opening an online account. Which of them is the best offer if you have $2,000 to save for two years?
a. an interest rate of 5 percent, with the bank charging you a $15 processing fee at the time you open your account b. an interest rate of 3.5 percent, with the bank giving you a $35 bonus to open your account c. an interest rate of 4 percent, with the bank giving you a $20 bonus at the time you open your account d. an interest rate of 4.5 percent, with no processing fee and no bonus