Chain-weighted price indices are constructed such that
A) all years' levels of GDP are directly related to a base year level of GDP.
B) prices of one good can be directly compared with prices of other goods.
C) prices in different years can be directly compared with one another.
D) prices in different economies can be directly compared with one another.
C
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When technology improves in a country with a fast-growing population ________
A) output rises, but output per person does not B) output rises in that country, while output per person rises in other countries C) output per person rises in that country and around the world D) output per person rises temporarily, then declines
If a nation specializes in activities in which opportunity costs are the lowest and then trades with other nations, it is most likely to:
a. have a higher standard of living for its citizens than it would if it did not specialize and then trade. b. have a lower standard of living for its citizens than it would if it did not specialize and then trade. c. create as much wealth for its citizens as it could if it did not specialize and then trade. d. benefit in the short run but incur heavy loss in the long run. e. incur heavy loss in the short run and eventually cease production in the long run.
At $2 a container, a grocery store supplies 100 containers of organic yogurt, but sells only 72 containers of this product. The grocery store has a ______.
a. shortage of 28 b. shortage of 18 c. surplus of 28 d. surplus of 18
Exhibit 3-4 Supply curves
In Exhibit 3-4, a shift in the supply curve from S1 to S2 represents a(n):
A. decrease in supply. B. decrease in the quantity supplied. C. increase in supply. D. increase in the quantity supplied.