Refer to Figure 2-9. What is the opportunity cost of producing 1 snow cone in Iceland?
A) 2/3 of a popsicle B) 3/4 of a popsicle C) 1 1/2 popsicles D) 180 popsicles
A
You might also like to view...
The circular flow of income describes the
A) flow of income from domestic firms to the nonproduction sector and back again. B) amount of money in the economy. C) sum of all injections into the economy. D) sum of all withdrawals from the economy.
The wealth effect refers to
A) the impact of household real wealth on consumption, savings, and the IS curve. B) the impact of household real wealth on money, prices, and the LM curve. C) the impact of household real wealth on short term and long term interest rates. D) the impact of household real wealth on aggregate supply curve.
According to the text, ________ is perhaps the most critical aspect of a country's economic performance.
A. growth in GDP B. the inflation rate C. the unemployment rate D. the living standard
Which of the following is the basic equation underlying aggregate expenditures?
A. MV = PQ B. AS = AD C. Saving = Income - Consumption D. Ca + Ig + Xn + G = GDP