From 1995-2007, the Irish economy ________
A) suffered from severe unemployment, famine and labor migration
B) witnessed a boom in the real economy, but suffered through a collapse in asset prices
C) enjoyed one of the highest growth rates in the world
D) suffered through a period of prolonged deflation
C
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Wealth can be thought of as:
A. The sum total of all assets less any debts. B. The sum of all assets you have at any one point in time. C. The income that you have earned that year. D. The sum of all assets and any expected future assets.
When the money market is drawn with the value of money on the vertical axis, the price level decreases if
a. either money demand or money supply shifts right. b. either money demand or money supply shifts left. c. money demand shifts right or money supply shifts left. d. money demand shifts left or money supply shifts right.
The figure below shows the production-possibility curves for Canada (AB) and the rest of the world (CD). The opportunity cost of producing a bushel of corn in Canada and in the rest of the world are ________ liters and ________ liters of maple syrup, respectively.
A. 9/7; 1/2 B. 9/7; two C. 7/9; 1/2 D. 7/9; two
According to the above figure, what are the profits of the firm if it produces 50,000 units?
A. -$5,000 per day B. -$17,500 per day C. -$10,000 per day D. -$7,500 per day