In an open economy, the quantity supplied of bushels of corn is ________.
A. 900 million bushels
B. 150 million bushels
C. 600 million bushels
D. 300 million bushels
Answer: A
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If we look at the nominal versus real wage rates paid to Presidents over time, we find that
A) the nominal wage has increased and decreased at different times because of inflation. B) George W. Bush's nominal wage is about equal to the average nominal wage paid all presidents. C) the real wage rate has steadily increased to $400,000 per year. D) George Washington was paid a higher real wage rate than Bill Clinton. E) George W. Bush is the highest paid according to real wage rates.
A major Internet service provider decides to spend $70 million to purchase new server equipment. If the marginal propensity to consume is 0.8, the eventual change in GDP will be
A. $40 million. B. $50 million. C. $90 million. D. $350 million. E. $850 million.
As compared to a perfectly competitive firm, a monopolistically competitive firm will:
A. have less control over price. B. face more barriers to entry. C. face more competitors. D. sell a more differentiated product.
According to comparative advantage, a nation should
A) Specialize in the production of the good with the least disadvantage. B) Not import any goods if it does not have a relative disadvantage. C) Import only the goods where the nation has a disadvantage. D) Not produce any goods if the nation is at relative disadvantage.