Refer to Figure 2-2. If Mendonca chooses to produce 120 pounds of meat, how much vegetables can it produce to maximize production?
A) 0 pounds of vegetables B) 60 pounds of vegetables
C) 100 pounds of vegetables D) 160 pounds of vegetables
A
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In the above figure, the economy is at point A when changes occur. If the new equilibrium has a price level of 100 and real GDP of $17.0 trillion, then it must be the case that
A) aggregate demand has decreased. B) aggregate supply has decreased. C) aggregate demand has increased. D) aggregate supply has increased.
Discouraged workers are defined as those: a. whose productivity is low because working in dead-end jobs reduces their morale
b. who are counted as frictionally unemployed, having become dissatisfied with their previous jobs. c. who are counted as structurally unemployed, lacking training for the skilled positions for which they are applying. d. who have given up looking for a job and are not counted as unemployed.
The main advantage that ACE models have over other models is that:
A. they primarily use deductive methods. B. they eliminate the importance of mathematics. C. economists do not have to "solve" the model on their own. D. they look only at single equilibrium outcomes.
Under the gold standard, a nation with a balance of payments deficit would experience a gold:
A. inflow and an increase in its money supply. B. inflow and a reduction in its money supply. C. outflow and an increase in its money supply. D. outflow and a reduction in its money supply.