If portable disk players made in China are imported into the United States, the Chinese manufacturer is paid with
A) dollars.
B) yuan, the Chinese currency.
C) international monetary credits.
D) euros, or any other third currency.
B
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Three basic decisions must be made by all economies. What are they?
a. How much will be produced; when will it be produced; who will produce it? b. What goods will be produced; how will goods be produced; for whom will goods be produced? c. What will be consumed; how will goods be consumed; for whom will goods be consumed? d. How will the opportunity cost principle be applied; if the law of comparative advantage will be utilized, how will it be utilized; will the production possibilities constraint apply?
Marginal revenue is equal to:
A. the change in total revenue associated with a change in quantity. B. the change in total profits associated with a change in quantity. C. total revenue divided by its output. D. marginal cost.
Figure 33-6
?
If Figure 33-6 (a) illustrates the elimination of a recessionary gap, then the economy should move to what point on the curves shown in Figure 33-6 (b)?
A. From e to r B. From g to j C. From r to j D. From r to m
The value of output was $1,000 billion in Northland and $2,000 billion in Southland. The population of Northland was 50 million and the population of Southland was 120 million. There were 30 million employed workers in Northland and 75 million employed workers in Southland. Average labor productivity was higher in ________ and the standard of living was ________.
A. Southland; the same in both countries B. Southland; higher in Southland C. Northland; higher in Northland D. Northland; the same in both countries