What is Y - S equal to?
A) I
B) C - T
C) I + G
D) C
A
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When the price of almonds falls
A) the quantity of almonds demanded increases, ceteris paribus. B) the demand for almonds decreases, ceteris paribus. C) the demand for almonds increases, ceteris paribus. D) the quantity of almonds demanded decreases, ceteris paribus.
The host at a party offers Justin a sixth beer. Justin says, “No thanks, man. The marginal utility of that fifth beer was, like, 20 cents, but the marginal utility of the sixth would be minus 10 cents.” If Justin consumes the sixth beer, his total utility will
A. rise by 10 cents. B. reach a plateau and remain constant. C. fall by 10 cents. D. fall below his marginal utility.
The opportunity cost of producing one car in Germany is 2,000 bushels of wheat, and the opportunity cost of producing one car in Canada is 1,200 bushels of wheat. The two countries can realize mutual gains from trade if they agree on terms of trade that are
a. greater than 2,000 bushels of wheat per car b. less than 1,200 bushels of wheat per car c. greater than 1,200 bushels of wheat per car and less than 2,000 bushels of wheat per car, and Germany produces wheat d. greater than 1,200 bushels of wheat per car and less than 2,000 bushels of wheat per car, and Germany produces cars e. greater than 1,200 bushels of wheat per car and less than 2,000 bushels of wheat per car, and each country produces both goods
Assume an economy is in equilibrium at a real GDP of $5 trillion. If aggregate expenditure (AE) increases by $1 trillion, the economy's equilibrium real GDP is likely to _____
a. increase by $1 trillion b. increase by more than $1 trillion c. increase by less than $1 trillion d. decrease by $1 trillion e. decrease by more than $1 trillion