If the annual growth rate in Real GDP is 2 percent, then it will take 50 years for the economy to double in size
Indicate whether the statement is true or false
False
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The table above gives data for the nation of Mosh. The amount of autonomous expenditure is
A) $1.5 trillion. B) $4 trillion. C) $9.0 trillion. D) $4.5 trillion. E) not shown in this table.
Refer to Table 2-10. This table shows the number of labor hours required to produce a wristwatch and a bushel of rice in Japan and Thailand
a. Which country has an absolute advantage in the production of wristwatches? b. Which country has an absolute advantage in the production of rice? c. What is Japan's opportunity cost of producing one wristwatch? d. What is Thailand's opportunity cost of producing one wristwatch? e. What is Japan's opportunity cost of producing one bushel of rice? f. What is Thailand's opportunity cost of producing one bushel of rice? g. If each country specializes in the production of the product in which it has a comparative advantage, who should produce wristwatches? h. If each country specializes in the production of the product in which it has a comparative advantage, who should produce rice?
If a firm can double output by doubling the size of its operation, it is subject to
a. economies of scale b. diseconomies of scale c. constant returns to scale d. increasing returns to scale e. diminishing returns to scale
Suppose the number of pesos per U.S. dollar is 3 . The aggregate price level in Mexico is 90, and the real exchange rate between the two countries is 2 . The aggregate price level in the United States is _____
a. 60 b. 45 c. 50 d. 55