Which of the following shows the feasible combinations of two goods that a consumer could afford given her money income?
A. the budget constraint
B. the indifference map
C. the price consumption curve
D. the income consumption curve
Answer: A
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Each year, the United States exports about 50 percent of its wheat crop
Indicate whether the statement is true or false
The primary criticism by Keynesians of the credibility argument for rules is that
A) reputations are a less costly method of gaining credibility. B) reputations are a less costly method of maintaining credibility. C) the cost of losing flexibility over policy choices may exceed the cost of gaining credibility. D) rules that reduce presidential and congressional influence over monetary policy could ultimately be harmful to the economy.
Given two economic systems, A and B, if economy A has a comparative advantage in the production of widgets, then
A) the inputs necessary to produce widgets in economy A cost less than in economy B. B) economy A must give up less of all other goods to produce widgets than economy B. C) economy A is less efficient in the production of some goods than economy B. D) economy A would not benefit from the specialization of production.
Along the upward-sloping segment of the aggregate supply curve,
a. when real GDP increases, the price level rises b. when real GDP increases, the price level does not change c. when real GDP decreases, the price level rises d. when real GDP increases, the price level falls e. no relationship exists between changes in real GDP and changes in the price level