Figure 5-17
In Figure 5-17, which of the marked points would an economist use to help him construct a single demand curve for X?
a.
A and B
b.
C and D
c.
A and C
d.
A and D
d
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Along the upward-sloping segment of the aggregate supply curve,
a. when real GDP increases, the price level rises b. when real GDP increases, the price level does not change c. when real GDP decreases, the price level rises d. when real GDP increases, the price level falls e. no relationship exists between changes in real GDP and changes in the price level
Consumer surplus
A. is the difference between the minimum price producers are willing to accept for a product and the higher equilibrium price. B. is the difference between the maximum price consumers are willing to pay for a product and the minimum price producers are willing to accept. C. is the difference between the maximum price consumers are willing to pay for a product and the lower equilibrium price. D. rises as equilibrium price rises.
According to Fogel and Engerman (1974), Northern farmers extensively utilized hired labor
Indicate whether the statement is true or false
If he devotes all of his available resources to cantaloupe production, a farmer can produce 120 cantaloupes. If he sacrifices 1.5 watermelons for each cantaloupe that he produces, it follows that
a. if he devotes all of his available resources to watermelon production, then he can produce 80 watermelons. b. he cannot have a comparative advantage over other farmers in producing cantaloupes. c. his opportunity cost of one watermelon is 2/3 of a cantaloupe. d. his production possibilities frontier is bowed-out.