A country's export ratio is
A. The ratio of trade to GDP.
B. The ratio of imports to exports.
C. The ratio of exports to GDP.
D. The ratio of imports to GDP.
Answer: C
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Suppose the price of coffee is $3, the price of a bagel is $2 and a person's budget is $40. The budget line's equation is
A) $2/Qbagel + $3/Qcoffee = $40. B) $2(Qbagel) + $3(Qcoffee) = $40. C) Qbagel /$2 + Qcoffee /$3 = $40. D) Qbagel + Qcoffee = $40/($3 + $2).
The incentive to consume tax-deductible goods, instead of nondeductible goods, increases when
a. marginal tax rates are high. b. marginal tax rates are low. c. the inflation rate is low and relatively stable. d. This is a trick question: the consumption of tax-deductible goods is not affected by marginal tax rates.
If a good has become more scarce, then we know for sure that
a. the demand for it increased. b. the supply of it decreased. c. either the demand for it increased or the supply of it decreased. d. both the supply of it and the demand for it decreased.
Suppose you have $2000 in currency in a shoebox in your closet. One day, you decide to deposit the money in a checking account. How will this action affect the M1 and M2 definitions of the money supply?
A. Both M1 and M2 will remain unchanged B. M1 will decrease and M2 will increase C. Both M1 and M2 will increase by $2000