Which of the following countries is not a member of The Group of Seven?
A. the United States
B. China
C. Germany
D. Japan
Answer: B
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Cindy's Sweaters' production function is shown in the above table. Cindy rents two knitting machines for $30 a day each and hires workers at a wage rate of $40 a day. If Cindy produces 18 sweaters per day, what is her total cost?
A) $120 B) $140 C) $180 D) $60
Utilitarianism is based on the argument that
A) the greater a person's income, the smaller is the marginal benefit of a dollar. B) by transferring a dollar from a millionaire to a poor person, more is lost than gained. C) taxing people's income from employment makes them work less. D) a dollar taken from a rich person does not end up as a dollar in the hands of a poorer person.
When the production possibility frontier shifts out relatively more in one direction, we have
A) biased growth. B) unbiased growth. C) immiserizing growth. D) balanced growth. E) imbalanced growth.
Which of the following is true of a small open economy, but not of a large open economy?
A) Net exports are unlikely to be close to zero. B) The domestic real interest rate is equal to the world real interest rate. C) Changes in desired investment result in changes in the trade balance. D) Changes in desired investment result in changes in actual investment. E) none of the above