In Figure 20.1, the increase in Real GDP might reflect 
A. a stronger currency.
B. reduced worker productivity.
C. reduced government spending.
D. the end of a period of price deflation.
Answer: D
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Suppose that a new advertising campaign extolling the virtues of apple juice is successful, and a major freeze destroys half of the country's apple cro
A) The equilibrium price of apple juice might rise or fall and the equilibrium quantity of apple juice falls. B) The equilibrium price of apple juice rises and the equilibrium quantity of apple juice might rise or fall. C) The equilibrium price of apple juice falls and the equilibrium quantity of apple juice might rise or fall. D) The equilibrium price of apple juice might rise or fall and the equilibrium quantity of apple juice rises.
Suppose that Rosie and Betty spend their free time making cakes and cookies
Is it possible for Betty to have an absolute advantage in the production of both cakes and cookies? Is it possible for Betty to have a comparative advantage in the production of both cakes and cookies? Explain.
Which of the following statements is true?
A. There was a great deal of stagflation in the 1930s. B. The inflation rate fell during the Eisenhower Administration, but rose during the Reagan years. C. Output in the United States fell by about one-third between 1929 and 1933. D. The Medicare and Medicaid programs were inaugurated during the New Deal.
Which of the following gambles should be considered more attractive?
A. If heads, you win $200; if tails, you lose $198. B. If heads, you win $5; if tails, you lose $10. C. If heads, you win $9; if tails, you lose $6. D. If heads, you win $6; if tails, you lose $4.