Use the following table to answer the question below.Alexandra's Production Possibilities ScheduleNatalia's Production Possibilities ScheduleNumber of Scarfs Knitted per dayNumber of Sweaters Knitted per dayNumber of Scarfs Knitted per hourNumber of Sweaters Knitted per hour040433236242916112080If they are given 2 days to work how many scarves could Alexandra make if she spent the whole time knitting scarves?
A. 8
B. 12
C. 24
D. 16
Answer: C
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The existence of union wages, efficiency wages, and the minimum wage
A) raises the real wage rate above the equilibrium wage rate and raises the natural unemployment rate. B) lowers the real wage rate below the equilibrium wage rate and creates a shortage of labor. C) raises the real wage rate above the equilibrium wage rate and creates a shortage of labor. D) raises the real wage rate above the equilibrium wage rate and lowers the natural unemployment rate. E) does not have an impact on the equilibrium wage rate or on the amount of unemployment.
The CPI is used
a. to estimate from estimated to actual values b. to translate from real to nominal values c. to translate from nominal to real values d. as a policy target e. c and d
The measure used to determine whether two products are substitutes or complements is called
a. price elasticity of demand. b. income elasticity of demand. c. cross elasticity of demand. d. inverse elasticity of demand.
The gross domestic product for the above economy is:
Answer the question on the basis of the following national income data for the economy. All figures are in billions of dollars.
A. $584.
B. $592.
C. $609.
D. $623.