Investment is the least volatile component of aggregate spending in the economy
Indicate whether the statement is true or false
F
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If C = $400, I = $100, G = $50, NX = $30, and NFP = $5, how much is GDP?
A) $580 B) $575 C) $585 D) $550
Bob and Bill can make 16 toys each if they devote 8 working hours in a day. Further, Bob can repair 4 cars and Bill can repair 2 cars, if they devote 8 working hours in a day. When these two individuals engage in trade, it would be advantageous for both if:
a. Bob specializes in the production of toys and Bill specializes in car repairing. b. Bob specializes in car repairing and Bill specializes in the production of toys. c. they specialize only in car repairing. d. they specialize only in the production of toys. e. they distribute their working hours evenly between the production of two goods.
Stick Storage manufactures and sells computer flash drives. Last year it sold 2 million flash drives at a price of $10 each. For last year, the firm's
a. accounting profit was $20 million. b. economic profit was $20 million. c. total revenue was $20 million. d. explicit costs was $20 million.
A country has an absolute advantage over another in the production of widgets if it can produce
A. widgets using smaller quantities of resources than can the other country. B. more widgets than can the other country. C. widgets more efficiently than can the other country. D. widgets at a lower opportunity cost than can the other country.