Smith and Jones comprise a two-person economy. Their hourly rates of production are shown below. CalculatorsPer HourComputersPer HourSmith10010Jones1206If Smith and Jones devote all of their resources to producing computers, then the maximum number of computers they can produce in an hour is:
A. 10.
B. 16.
C. 6.
D. 120.
Answer: B
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If prices increase only in the United States, then:
A. U.S. goods become relatively more expensive than goods from other countries. B. U.S. goods become relatively less expensive than goods from other countries. C. the prices of foreign goods must rise. D. the income level of people in the US must rise.
The radio broadcast of a concert is an example of a club good
a. True b. False Indicate whether the statement is true or false
Policymaking in a representative democracy
a. is straightforward and does not involve any disagreement. b. benefits from the input of economists, even if their advice is not always followed. c. is conducted without the input of economists. d. is always based exclusively on the results of economic analysis.
In year 1, the actual budget deficit was $200 billion and the cyclically adjusted deficit was $150 billion. In year 2, the actual budget deficit was $225 billion and the cyclically adjusted deficit was $175 billion. GDP was $1000 billion in year 1 and $1005 billion in year 2. It can be concluded that fiscal policy from year 1 to year 2 was:
A. expansionary. B. contractionary. C. proportional. D. inflationary.