Which point or output-combination in the graph below could the nation produce only if it experienced economic growth?
A. Combination F
B. Combination G
C. Combination C
D. Combination E
Answer: C
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In effect, during the period immediately following World War II, the world was on a(n):
a. gold standard. b. flexible-exchange-rate standard. c. U.S. dollar standard. d. exchange-rate standard dictated by Germany e. pegged-exchange rate standard.
Kyle works for a perfectly competitive firm where he receives a wage rate of $15. From this, one can infer that:
A. Kyle's reservation wage is $15. B. Kyle's value of marginal product is at least $15. C. the price of the firm's output is at least $15. D. Kyle's marginal product is at least $15.
In the case of a small country, consumer surplus
A) decreases less with a tariff than with an equivalent quota. B) decreases less with a quota than with an equivalent tariff. C) decreases the same with tariffs and equivalent quotas. D) increases more with quotas.
The Fed is structured as an agency of the executive branch, with the Chairman of the Fed answering directly to the President.
a. true b. false