Refer to the information provided in Table 2.2 below to answer the following question(s).Table 2.2?MollyPeteAvatar Design68Tattoo Design32Refer to Table 2.2. For Pete, the opportunity cost of designing three tattoos is ________ avatar designs.
A. 6
B. 12
C. 24
D. an indeterminate number of
Answer: B
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The wealth effect helps explain what feature in the aggregate demand and aggregate supply model?
If, under a fixed exchange rate system, the dollar price of a Mexican peso is below its equilibrium level, then the
A) dollar is overvalued. B) peso is overvalued. C) dollar has depreciated. D) peso has appreciated.
Which of the following is not a result if the quantity supplied exceeds the quantity demanded in a market?
A. Deadweight loss B. Inefficiency C. Overproduction D. Shortage
Assume the economy is closed and that it is operating at full employment. Which statement is TRUE when the size of the budget deficit decreases?
A. The increased amount of public goods will crowd out privately produced goods. B. The interest rate will decrease, leading to an increase in investment and capital formation. C. A reduction in the growth of productivity, and a reduction in society's standard of living will occur. D. Demand and supply of credit will increase.