How much cloth production would Calvin lose in a day in order to produce 1-1/2 pounds of food?
a. 1 yard
b. 2 yards
c. 3 yards
d. 4 yards
b. 2 yards
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All else equal, relative to a person who earns minimum wage, a person who earns $30 per hour has:
A. a higher opportunity cost of taking the day off work. B. the same opportunity cost of spending time on leisure activities. C. a higher opportunity cost of working an additional hour. D. a lower opportunity cost of driving farther to work.
Computers and insurance coverage produced in the United States and sold to people in other nations are categorized as
A) U.S. imports of goods and services.
B) U.S. exports of goods and services.
C) U.S. consumption goods and services.
D) foreign capital goods.
E) U.S. government goods and services.
As you move from left to right, the aggregate demand curve _____.
(A) May slope upward or downward (B) Slopes upward (C) Slopes downward (D) Is horizontal
An increase in the money supply will cause planned investment to ________ and consumption to ________.
A) decrease; decrease B) decrease; increase C) increase; increase D) increase; decrease