Refer to the information provided in Table 33.4 below to answer the question(s) that follow.
Table 33.4GermanyChileBeerWineBeerWine(cases)(cases)(cases)(cases)75030 060152412453018 24304512 361560 6 48075 0 60 Refer to Table 33.4. In Chile, the opportunity cost of 1 case of wine is
A. 1/2 case of beer.
B. 1 case of beer.
C. 2 cases of beer.
D. 4 cases of beer.
Answer: A
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A study by Edward Prescott found that the ________ marginal tax rates in the United States relative to Europe resulted in a ________ quantity of labor supplied in the United States
A) higher; smaller B) lower; smaller C) lower; larger D) higher; larger
An increase in the money supply will cause
A) the IS curve to shift down and to the right. B) the IS curve to shift up and to the left. C) the LM curve to shift down and to the right. D) the LM curve to shift up and to the left.
Both intermediate and final goods are counted as part of GDP.
Answer the following statement true (T) or false (F)
Which of the following cannot be determined by using a production possibility table?
A. What combination of outputs is best? B. What combination of outputs can be produced? C. How much output can be produced from a given level of inputs? D. How much less of one output must be produced if more of another output is produced?