Jane spends her monthly dining-out budget of $300.00 on either steak or lobster dinners. Using the above figure, what is the opportunity cost of a lobster dinner in terms of steak dinners?
A) 0.5 steak dinners per lobster dinner
B) 2.0 steak dinners per lobster dinner
C) 5.0 steak dinners per lobster dinner
D) 10.0 steak dinners per lobster dinner
B
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The implied growth rate for a country between 1960 and 2010 is 6%. This implies that:
A) the country needed to grow at an average rate of 6% per year between 1960 and 2010 to reach the 2010 level of GDP starting with the 1960 level. B) the country needed to grow by at least 6% in any of the fifty years between 1960 to 2010 to reach the level of GDP in 2010 starting with the 1960 level. C) the growth rate of GDP in the country was above 6% between 1960 to 1990 and above 6% between 1991 and 2010. D) the country needed to grow at rates above 6% per year between 1960 and 2010 to reach the 2010 level of GDP starting from the 1960 level.
Of the following market structures, which is the least competitive?
A) perfect competition B) monopolistic competition C) monopoly D) oligopoly
Why is it important to distinguish nominal GDP from real GDP?
In the classical model, investment spending is
a. positively related to the level of income b. positively related to the interest rate c. negatively related to the interest rate d. unrelated to the interest rate e. negatively related to the price level