Which of the following could best be categorized as a public good?
A) an apartment in a public housing project
B) a pumpkin pie
C) public fireworks
D) a race track
C
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If the price level rises and the money wage rate remains constant, what happens to the quantity of real GDP supplied? Along which aggregate supply curve does the economy move?
What will be an ideal response?
If Monica has a comparative advantage in baking and George has a comparative advantage in sewing, then
a. Monica must have an absolute advantage in baking b. Monica must have an absolute advantage in sewing c. George must have an absolute advantage in baking d. George must have an absolute advantage in sewing e. we can conclude nothing about absolute advantage
When capacity utilization rate is high:
a. the price level is likely to go up. b. consumption is likely to go down. c. investment is likely to increase. d. the rate of interest is likely to decrease. e. aggregate supply of goods is likely to remain constant.
The poverty line
A. is shifted downward from year-to-year. B. is constant. C. is raised from year-to-year. D. is tied to the unemployment rate.