Suppose that a country imports $90 million worth of goods and services and exports $80 million worth of goods and services. What is the value of net exports?
a. $170 million
b. $80 million
c. $10 million
d. -$10 million
d
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Yolanda received a $100 savings bond for her birthday. The bond pays $100 at maturity, which is in five years. If the interest rate is 3%, the bond has a present value of $86.26
Indicate whether the statement is true or false
If the economy produces 36 consumer goods and 12 capital goods the economy would be producing __________________ (outside/on/inside) the production possibilities curve.
Hypothetical Production Schedule for a Two-Product Economy
Average labor productivity times the proportion of the population employed equals:
A. real GDP per worker. B. real GDP per person. C. real GDP. D. output per worker.
Resources are allocated efficiently when
A. economic profits are zero. B. the market produces what people want. C. output is distributed in an equitable fashion. D. output is produced in a sustainable fashion.