Which one of the following expressions is the MOST accurate?
A) CA = EX - IM
B) CA = IM - EX
C) CA = EX = IM
D) CA = EX + IM
E) CA - IM = EX
A
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Suppose nominal GDP is $2,000 a year and the quantity of money is $400. Then the velocity of circulation equals
A) 10. B) 1/5. C) 2. D) 8. E) 5.
"Antebellum transportation improvements encouraged the South to specialize in cotton, while depending on the West for food and the Northeast for manufactured goods.". This statement
a. describes Rostow's stages of growth model. b. describes North's interregional growth hypothesis. c. describes Thomas Jefferson's vision of the US economy. d. is supported by most contemporary economic historians.
You are hired as a production analyst at Monopoly-R-Us and you estimate that, at current output, demand is inelastic and marginal cost is positive. You advise your superiors that they can increase profit by
a. raising price until demand becomes unit elastic b. raising price into the elastic range c. lowering price until demand becomes unit elastic d. lowering price into the elastic range e. reduce output without changing price
Which of the following is consistent with diminishing marginal product? a. The more you study each day, the more you learn from each added hour of study
b. The more you study each day, the less you know. c. Beyond some point, each added hour studying each day adds less to what you know than the previous hour's study. d. None of the above.