Refer to Figure 2-9. What is the opportunity cost of producing 1 snow cone in Greenland?
A) 2/3 of a popsicle B) 5/6 of a popsicle C) 1 1/5 popsicles D) 200 popsicles
B
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The real business cycle theory is based on all of the assumptions below EXCEPT
A) flexible wages. B) flexible prices. C) pure competition. D) small menu costs.
The sum of the components of incomes is called
A) gross domestic product at factor cost. B) net domestic product at market prices. C) gross domestic product at market prices. D) GNP. E) net domestic product at factor cost.
When the Fed sells foreign assets and buy domestic assets at the same time,
A) its assets and liabilities rise by the same amount. B) its assets and liabilities fall by the same amount. C) the composition of its assets changes, but its liabilities are unaffected. D) the composition of its liabilities changes, but its assets are unaffected.
Absolute advantage is the ability to produce a good using fewer inputs than another producer.
Answer the following statement true (T) or false (F)