In 1998, adjusted for inflation, crude oil and gasoline prices were
A. about average.
B. quite low.
C. slightly above average.
D. quite high.
Answer: B
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When using the principle of comparative advantage, the person with no absolute advantage should perform the job in which he or she has
a. a 50 percent disadvantage. b. a 75 percent disadvantage. c. a lesser disadvantage. d. been trained.
Suppose that an early frost damages the Florida orange crop. As a result, the price of California oranges increases. Ceteris paribus, which one of the following statements best explains this situation?
A) The supply of Florida oranges decreased, causing the supply of California oranges to increase, which resulted in a higher price. B) The supply of Florida oranges decreased, causing the supply of California oranges to decrease, which resulted in a higher price. C) The supply of Florida oranges decreased, causing their price to increase, and thus causing the demand for California oranges to increase. D) The demand for Florida oranges fell because of the freeze, and this led to a higher demand for California oranges.
In the aggregate expenditures model, we note that an increase in government purchases G and an increase in lump-sum taxes T of the same amount will have:
A. The same magnitudes of impact on equilibrium GDP, though in opposite directions B. Different effects on GDP, with the change in G having a larger impact than the change in T C. Different effects on GDP, with the change in T having a larger impact than the change in G D. Essentially the same effect on equilibrium GDP, both in magnitude and in direction
Refer to the table above. If there is no statistical discrepancy, the sum of all three balance of payments accounts equals
A) -$20 billion. B) +$220 billion. C) +$20 billion. D) zero E) +$200 billion.