Consider the production possibilities curve for an economy producing only two commodities wheat (represented on the X axis) and wine (represented on the Y axis). A movement up along the production possibilities curve [PPC] will imply:
a. an increase in wheat production.
b. an increase in both wheat and wine production.
c. a decline in both wheat and wine production.
d. an increase in wine production.
e. no change in either wheat or wine production.
d
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If the price of pizza is $10 this year and $15 next year, then 200 pizzas would contribute
A. $2,000 to this year’s GDP and $2,000 to next year’s nominal GDP. B. $3,000 to this year’s nominal GDP and $3,000 to next year’s nominal GDP. C. $2,000 to this year’s nominal GDP and $3,000 to next year’s nominal GDP. D. $3,000 to this year’s GDP and $2,000 to next year’s GDP.
Consider the following two situations. Irene accepts a job where she will be driving in dangerous traffic, so she seeks auto insurance. After Victor buys health insurance, he visits the gym less frequently. Which of these person's actions illustrates moral hazard?
a. both Irene's and Victor's b. Irene's but not Victor's c. Victor's but not Irene's d. neither Victor's nor Irene's
Purchasing goods produced in another country is the most common reason to
A. running a trade surplus. B. exporting to one country. C. investing in one country. D. exchange one currency for another.
Kmart, Wal-Mart, and Toys 'r' Us import much their goods from ___________.
Fill in the blank(s) with the appropriate word(s).