The figure above illustrates Mary's production possibilities frontier. If Mary wants to move from point b to point c, she must
A) improve technology.
B) increase the accumulation of capital.
C) give up some of good Y in order to obtain more of good X.
D) give up some of good X in order to obtain more of good Y.
C
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Sam has $500 in traveler's checks. He cashes a $100 traveler check, deposits $150 into his checking account at a Savings and Loan Association, and deposits the remaining $250 into a savings account at a credit union. Immediately, ________
A) M1 decreases by $250 and M2 does not change B) M1 decreases by $400 and M2 increases by $250 C) M1 does not change and M2 increases by $250 D) M1 and M2 do not change
Based on current budget projections, in the U.S. over the next 20 years the
a. structural deficit rises will fall sharply as tax revenues rise. b. cyclical deficit will fall as the economy expands. c. structural deficit will rise sharply as a higher proportion of the population retires. d. structural deficit will fall sharply as more people enter the workforce. e. none of the above.
In a market, competitive forces guarantee that any price other than the equilibrium price is:
a. market-clearing. b. stable c. temporary. d. unaffordable.
How does the calculation of GDP include the costs of natural resource depletion that occurs when output is produced?
a. The value of resource depletion is added to GDP. b. The cost of resource depletion is not measured in GDP. c. The cost of resource depletion is added to real but not nominal GDP. d. Resource depletion causes GDP to overstate well being.