Refer to Figure 1.7. This economy will achieve efficiency in production at
A. Point J only.
B. Point G only.
C. Points D, G, and J.
D. Point D only.
Answer: C
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Use the following table to answer the next question. The base year is 2007.YearHot DogsBaseballsBottles of Beer?PriceQuantityPriceQuantityPriceQuantity2005$2.50100$2.5050$1.0010020064.001005.001002.0015020075.001005.001002.0020020088.001508.002004.00200200910.0020010.002004.00250Inflation for the year 2008 is
A. 80%. B. 76.5%. C. 71%. D. 50%.
A fall in the level of prices
A) does not affect the value of money. B) has an uncertain effect on the value of money. C) increases the value of money. D) reduces the value of money.
The U.S. spends more on education, and achieves far worse results. The underling cause of this disparity may have to do with: a. the cost per student spent b. the high degree of inequality in the U.S
c. the difference in property tax rates d. both the high degree of inequality in the U.S. and the difference in property tax rates
The defining features of business cycles is that they
A. are inherently bad B. represent the underlying trend of real GDP C. are fluctuations about trend of real GDP D. measure prospects for future growth in the economy