Assume that Japan and Korea each has 2400 hours available. If each country divides its time equally between the production of cars and airplanes, then total production is
A. 64 cars and 16 airplanes.
B. 80 cars and 16 airplanes.
C. 128 cars and 32 airplanes.
D. 40 cars and 8 airplanes.
Ans: A. 64 cars and 16 airplanes.
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In 2011 a country had a real GDP of $13.89 trillion and GDP deflator of 110 . In 2012 it had a nominal GDP of $17.8 trillion and real GDP of 14.24 trillion. What is the rate of inflation in 2012?
Refer to the graph shown. A decrease in input prices in the short run is likely to cause a movement from:
A. B to D. B. C to A. C. B to A. D. C to D.
Assume two people live in the same neighborhood, the same size house and earn identical incomes. Both are unmarried without children. How might one of them actually be poorer than the other?
What will be an ideal response?
The money multiplier equals
a. 1/R, where R represents the quantity of reserves in the economy. b. 1/R, where R represents the reserve ratio for all banks in the economy. c. 1/(1+R), where R represents the quantity of reserves in the economy. d. 1/(1+R), where R represents the reserve ratio for all banks in the economy.