Since World War II, world trade has
A. risen sharply, outpacing gains in annual world real GDP.
B. increased in relative importance for most nations, but not for the United States.
C. decreased in importance as nations turn inward due to security concerns.
D. increased, but not as dramatically as annual world real GDP has climbed.
Answer: A
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If total output increases from $1 trillion to $2 trillion as population increases from 100 million to 250 million, then output per person:
A. doubles. B. remains constant. C. increases, but by less than 100 percent. D. decreases
The production possibilities frontier is the boundary between
A) those combinations of goods and services that can be produced and those that can be consumed. B) those resources that are limited and those that are unlimited. C) those combinations of goods and services that can be produced and those that cannot. D) those wants that are limited and those that are unlimited.
The figure above shows the market for umbrellas in Sunville. When the market for umbrellas in Sunville is in equilibrium, what is the total deadweight loss?
A) $2,000 B) $800 C) $0 D) 600 umbrellas
Suppose that Y = 4,000 and we are at a point on the money demand schedule where (M/P) = 600. Should Y fall to 3,900, the same quantity of real money balances
A) will not be demanded under any conditions. B) will be demanded again provided the interest rate does not change. C) will be demanded again provided the interest rate rises by a certain amount. D) will be demanded again provided the interest rate falls by a certain amount.