Table 3-25 - The opportunity cost of 1 mixer for Miguel is.
a. 1/2 toaster
b. 1/2 hour of labor
c. 2 toasters
d. 8 hours of labor
Answer: C. 2 toasters
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Refer to Table 7-6. If the actual terms of trade are 1 belt for 1.5 swords and 50 belts are traded, how many belts will Estonia consume?
A) 50 B) 70 C) 90 D) 120
Robert Lucas Jr. adapted the fooling model to his own way of thinking by replacing that model's assumption of
A) continuous market-clearing. B) imperfect information. C) the natural rate hypothesis. D) the gradual correction of expectational errors.
If the exchange rate of the English pound goes from $1.50 to $2.00, the pound has
a. appreciated, and the English will find U.S. goods cheaper. b. appreciated, and the English will find U.S. goods more expensive. c. depreciated, and the English will find U.S. goods cheaper. d. depreciated, and the English will find U.S. goods more expensive.
Changes in real GDP are best used to measure
A. Population growth. B. Price level changes. C. Inflation. D. Business cycles.