The negative slope of a production possibilities frontier is a graphic representation of opportunity cost.
Answer the following statement true (T) or false (F)
True
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Suppose a jar of DeLux popcorn that is ultimately sold to a customer at Friendly Groceries is produced by the following production process: Name of CompanyRevenuesCost of Purchased inputsFulton Family Farm$0.500DeLux Popcorn Co.$2.50$.50Friendly Groceries$4.00$2.50If the corn was grown and the jar of popcorn produced in the year 2015, but the jar was sold at Friendly Groceries in the year 2016, what is the contribution of these transactions to GDP in the year 2016?
A. $0.50 B. $4.00 C. $1.50 D. $0.00
The level of economic activity in a given year will cause the budget deficit to vary.
A. True B. False C. Uncertain
Assuming that clothing is a normal good, an increase in consumer income, other things being equal, would:
a. increase the demand for clothing. b. decrease the demand for clothing. c. increase the quantity of clothing demanded. d. decrease the quantity of clothing demanded
Which of the following is correct concerning the open-economy macroeconomic model?
a. The net-capital-outflow curve slopes upward. b. The key determinant of net capital outflow is the real exchange rate. c. The supply of dollars in the market for foreign-currency exchange is vertical. d. None of the above is correct.