A country enjoys a comparative advantage in the production of a good if that good can be produced at a lower cost in terms of other goods.
Answer the following statement true (T) or false (F)
True
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If autonomous planned spending increases by $1 million and s = 0.2 and t = 0.1, then equilibrium income increases by
A) $5 million. B) $3.33 million. C) $3.57 million. D) $2.90 million.
Suppose that the consumer price index at year-end 2008 was 140 and by year-end 2009 had risen to 150 . What was the inflation rate during 2009?
a. 7.1 percent b. 10 percent c. 14.2 percent d. 50 percent
Gabriela, a brilliant new Ph.D. in economics, has turned down many job offers because she hopes eventually to teach at one of the top ten universities in her field. The type of unemployment she is experiencing is
a. frictional b. structural c. seasonal d. cyclical e. underemployment
The Malthusian theory said that population tended to grow in a _____ progression, while the food supply grew in an _____ progression.
Fill in the blank(s) with the appropriate word(s).