Table 7-4
?
6
346
490
600
692
775
846
?
5
316
448
548
632
705
775
?
4
282
400
490
564
632
692
CAPITAL
3
245
346
423
490
548
600
?
2
200
282
346
400
448
490
?
1
141
200
245
282
316
346
?
0
1
2
3
4
5
6
?
LABOR
?
?
?
?
?
The production relationship in Table 7-4 indicates a process characterized by
A. decreasing returns to scale.
B. constant returns to scale.
C. increasing returns to scale.
D. increasing then decreasing returns to scale.
Answer: B
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The above table presents data from the nation of Pacifica. When real GDP equals $2.0 trillion, aggregate planned expenditure equals
A) $3.75 trillion. B) $5.00 trillion. C) $5.50 trillion. D) $4.00 trillion. E) $6.00 trillion.
For which of the following projects would it likely be most difficult to acquire 1,000 acres of land?
A) growing wheat B) building an amusement park C) building storage sheds D) digging wells
Which of the following would be likely to shift a nation's production possibilities curve outward?
a. a decrease in the production of capital goods b. an increase in the production of consumer goods c. an increase in the number of retired workers d. none of the above
A decrease in supply will cause
a. an increase in demand. b. a decrease in demand. c. an increase in quantity demanded. d. a decrease in quantity demanded. e. a decrease in equilibrium price.