Suppose the total market value of all the final goods and services produced in the country of Rushya was $8 billion in 2008 (measured in 2008 prices) and $9 billion in 2009 (measured in 2009 prices). Which of the following statements is definitely correct?
A. Real GDP increased in Rushya between 2008 and 2009.
B. Average price levels increased in Rushya between 2008 and 2009.
C. Production increased in Rushya between 2008 and 2009.
D. Whether real GDP increased cannot be determined with the information given.
Answer: D
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The long-run average total cost curve is constructed from the
A. Lowest average total cost for producing each level of output. B. Minimum points of the long-run marginal cost curves. C. Minimum points of the short-run marginal cost curves. D. Minimum points of the short-run average variable cost curves.
Dutch Disease is associated with a dramatic decline in the demand for a primary commodity produced by a country
a. True b. False Indicate whether the statement is true or false
When Thurston catches 10 fish a day, he can gather a maximum of 40 coconuts, and when he catches 20 fish a day, he can gather a maximum of 30 coconuts. If Thurston's opportunity cost of producing each good increases as he produces more of it, and he decides to catch 30 fish a day, then the maximum number of coconuts he can gather must be:
A. greater than 10. B. equal to 20. C. greater than 20. D. less than 20.