The country of Gerance produces two goods, cars and wine. Last year, it produced 1,000 cars and 15,000 cases of wine. This year, it produced 1,300 cars and 20,000 cases of wine. Given no other information, which of the following events could not explain this change?
a. Gerance experienced a reduction in unemployment.
b. Gerance experienced an improvement in car-making technology.
c. Gerance acquired more resources.
d. Any of these events could explain the change.
d
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If one U.S. dollar can be exchanged for 5 Swiss francs, then 1 franc can be exchanged for:
a. 5 cents. b. 20 cents. c. 50 cents. d. 2 dollars.
The basic difference between macroeconomics and microeconomics is that: a. microeconomics looks at aggregate markets while macroeconomics is concerned with individual markets. b. macroeconomics is concerned with policy decisions while microeconomics applies only to theory
c. microeconomics is concerned with individual markets while macroeconomics is concerned with aggregate markets. d. macroeconomics is concerned with positive economics while microeconomics is concerned with normative economics.
The representative agent chooses to consume
a. his endowment point. b. equal amounts of current and future goods. c. more future goods than current goods. d. the basket of goods where the slope of the indifference curve equals -1.
Monetarists believe that real output is determined by
A. aggregate supply. B. government planning. C. the rate of growth of the money supply. D. government spending.