The table above shows techniques that can be used to produce 100 shirts. If the price of an hour of labor is $10 and the price of a unit of capital is $12, then the economically efficient technique is
A) W.
B) X.
C) Y.
D) Z.
B
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Last year, an economy produced 2400 bananas, 3000 satsumas and 2500 peaches. The price of bananas was €0.50, the price of satsumas was €0.60 and the price of peaches was €0.50. Nominal GDP was:
(a) € 5200. (b) € 6600. (c) € 4250. (d) Cannot be computed.
In 1990, there were 50 bilateral agreements and regional trade agreements between countries. Today there are
A. 30 of these agreements. B. more than 230 of these agreements. C. more than 10,000 of these agreements. D. none of these agreements remaining.
In 2009, the gap between foreign assets in the United States and U.S. assets abroad was
A. $3 trillion. B. $2.5 trillion. C. $4 trillion. D. $6.5 trillion.
Assume that product Alpha and product Beta are both priced at $1 per unit and that Ellie has $20 to spend on Alpha and Beta. She buys 8 units of Alpha and 12 units of Beta. The marginal utility of Alpha is 40 and the marginal utility of Beta is 20. This indicates that:
A. Ellie should make no change in consumption B. Given another dollar, Ellie should buy an additional unit of Beta C. In order to maximize utility, Ellie should buy more of Beta and less of Alpha D. In order to maximize utility, Ellie should buy more of Alpha and less of Beta