What is the percentage of income received by the upper quintile on line Z?
55
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The table below represents five points on the production possibility frontier for the small country of Bistro, which produces only crackers (measured in thousands of boxes) and cheese (measured in thousands of pounds): A B C D E Crackers 40 30
20 10 0 Cheese 0 5 10 15 20 Does the production possibility frontier demonstrate the law of increasing opportunity cost? How can you tell?
Annie had a job as a human resource manager of a restaurant chain that went out of business due to a downturn in the economy. This is an example of
A) cyclical unemployment. B) structural unemployment. C) seasonal unemployment. D) technological unemployment.
Which of the following is true of the equation of exchange?
a. It states that the product of the price level and velocity of money is equal to real GDP. b. It states that aggregate demand in an economy is equal to total investment spending. c. It states that money supply times velocity of money equals real GDP d. It states that velocity of money is equal to the ratio of nominal GDP and money supply. e. It changes to the quantity theory of money if the price level is assumed to be constant.
The above figures show the market for oranges. Which figure(s) shows the effect of an increase in the price of bananas, a substitute for oranges?
A) Figure A B) Figure C C) Figure D D) Figure A and C