The majority of American workers are employed in the manufacturing sector.
Answer the following statement true (T) or false (F)
False
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Based on the information in Scenario 1, real GDP grew by about ________ percent from 2015 to 2016
A) 23 B) 31 C) 62 D) 162
Refer to Figure 4-7 which shows the market for watermelons. Suppose the government imposes a price floor of Pw. How will the price floor affect the quantity supplied, quantity demanded, and quantity exchanged?
What will be an ideal response?
When economists look at the percentage change in quantity demanded generated by a change in income, they are looking at:
a. price elasticity of demand. b. income elasticity of demand. c. price elasticity of supply. d. cross elasticity of demand. e. cross elasticity of supply.
For each watch Switzerland produces, it gives up the opportunity to produce 50 pounds of cheese. Germany can produce one watch at a cost of 100 pounds of cheese. Which of the following is true?
a. The opportunity cost of producing watches is greater in Switzerland. b. The opportunity cost of producing cheese is greater in Switzerland. c. The opportunity cost of producing cheese is the same in both countries. d. It is impossible to compare costs because the two countries use different technologies. e. In the two countries combined, the cost of producing one watch is 150 pounds of cheese.