According to the World View excerpt that compares GDP figures for several nations, Russia's real GDP is approximately
A. More than that of China.
B. More than that of Germany.
C. More than that of Mexico.
D. None of the choices are correct.
Answer: C
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A utility maximizing person gets marginal utility from consuming their last orange and apple of 5 and 10 respectively. If apples cost 90 cents a piece, the oranges must cost
a. $0.45 a piece. b. $0.90 a piece. c. $1.80 a piece. d. $2.70 a piece.
Monetarists think that the Fed should use ________ as a target when conducting monetary policy
A) the inflation rate B) the Treasury bill rate C) the money supply D) the federal funds rate E) the unemployment rate
Consider the production possibilities frontier displayed in the figure shown. If this society chooses to produce 15 watermelons in can produce no more than:
A. 400 bushels of apples.
B. 300 bushels of apples.
C. 200 bushels of apples.
D. 100 bushels of apples.
The price elasticity of demand for many agricultural products is (absolute value) less than 1, meaning that these products are inelastic in demand
Indicate whether the statement is true or false