The table below gives the quantities and prices for 2000 and 2010 for an economy that produces just two goods: sailboats and coconuts. Quantity producedPrice 2000201020002010Sailboats1020$500$525Coconuts2,0002,400$1$2For this economy that produces just sailboats and coconuts, and with 2000 is the base year, real GDP was approximately ______ times larger in 2010 than it was in 2000.
A. 1.34
B. 1.77
C. 1.65
D. 2.19
Answer: B
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Scenario: Gem Jewels Gem Jewels recently established a number of subsidiaries in various foreign countries aiming to build high levels of international business involvement in the coming years. Cultural training has to be given by the company to home-country managers assigned to work in the new subsidiaries. To teach its employees the values, attitudes, manners, and customs of the host-country culture, Gem Jewels should offer ________.
a. language training b. environmental briefings c. cultural assimilation d. field experience
Which of the following is NOT an example of an activity with external benefits?
A. Having your car's faulty exhaust system repaired B. Eating a sandwich in the dining hall C. Installing smoke alarms in your house D. Planting flowers in your front yard
Unexpectedly high inflation tends to hurt _______ most.
A. businesses B. borrowers C. policy makers D. lenders
The point at which the supply curve and the demand curve intersect is called:
A. irrelevant, because real-world prices never reach this point. B. equilibrium, because quantity supplied exceeds quantity demanded so there is a surplus. C. equilibrium, because quantity demanded equals quantity supplied so there is no tendency for price to change. D. equilibrium, because quantity demanded exceeds quantity supplied so there is a shortage.