From 1935 to 2017, the yield per acre for wheat has ________ in the United States.
A. roughly doubled
B. more than tripled
C. increased more than 6-fold
D. slightly declined
Answer: B
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Fractional reserve banking refers to a system in which the depository institution
A) holds reserves equal to its deposits. B) holds reserves greater than its deposits. C) holds reserves less than its deposits. D) holds zero reserves.
Consider an economy with only two goods: bread and wine. In 1982, the typical family bought 4 loaves of bread at 50¢ per loaf and 2 bottles of wine for $9 per bottle. In Year X, bread cost 75¢ per loaf and wine cost $10 per bottle. The CPI for Year X (using a 1982 base year) is:
A. 100. B. 115. C. 126. D. 130.
An explicit cost is
A) a nonmonetary opportunity cost. B) a cost specifically related to government rules and regulations. C) a cost that involves spending money. D) a cost unique to corporations.
The domestic opportunity cost of producing a television in the United States is 20 bushels of wheat. In Korea, the domestic opportunity cost of producing a television is 10 bushels of wheat. In this case:
A. Korea has a comparative advantage in the production of wheat B. The United States has a comparative advantage in the production of televisions C. Mutual gains from trade can be obtained if the United States imports televisions from Korea and Korea imports wheat from the United States D. Mutual gains from trade can be obtained if the United States imports wheat from Korea and Korea imports televisions from the United States