Jane stitched a prom dress which she could have bought for $180 from a store. Which of the following will happen if she keeps the dress for herself?
Answer: GDP will remain unchanged
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If a nation imports a good that can be domestically produced, what happens to the quantity consumed of the good and why?
A) The quantity consumed increases because the market price increases. B) The quantity consumed increases because the market price decreases. C) The quantity consumed remains constant because the price is unchanged. D) The quantity consumed decreases because the market price increases. E) The quantity consumed decreases because the market price decreases.
Suppose a society begins by producing 3 units of X and 4 units of Y and then alters production to 4 units of X and 4 units of Y. If the quantity and quality of resources and the technology being used remain unchanged, then:
a. 3 units of X and 4 units of Y are a combination best represented by a point inside the production possibilities curve [PPC]. b. we can conclude that the society has moved along the PPC. c. we can conclude that resources were being fully utilized at 3 units of X and 4 units of Y. d. we can conclude that resources were being efficiently utilized at 3 units of X and 4 units of Y. e. 3 units of X and 4 units of Y are a combination best represented by a point outside the PPC.
Which of the following best describes the notion of full employment?
(a) Less than 5% of the labour force is unemployed; (b) The current level of employment that is sustainable; (c) Employment and unemployment are at their "natural" rates; (d) All of the above could describe it.
In the long run, if the Fed decreases the rate at which it increases the money supply,
a. inflation and unemployment will be higher. b. inflation will be higher and unemployment will be lower. c. inflation will be lower and unemployment will be higher. d. None of the above is correct.