Refer to the graph shown. An economy is in both short- and long-run equilibrium at point(s):
A. A.
B. B only.
C. C only.
D. Both B and C.
Answer: C
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The terms of trade are
A) the terms negotiated in a trade agreement. B) exports plus imports divided by GDP. C) the value of the real exchange rate. D) taxes plus transaction costs paid on imports. E) the ratio of export prices to import prices.
Jane is trying to decide which courses to take next semester. She has narrowed down her choice to two courses, Econ 1 and Econ 2. Now she is having trouble and cannot decide which of the two courses to take
It's not that she is indifferent between the two courses, she just cannot decide. An economist would say that this is an example of preferences that: A) are not transitive. B) are incomplete. C) violate the assumption that more is preferred to less. D) all of the above
Cost-benefit analysis is a relatively new tool developed and used first by NASA.
A. True B. False C. Uncertain
Answer the question on the basis of the following data. All figures are in billions of dollars. Proprietor's Income 20 Compensation of Employees 300 Consumption of Fixed Capital 15 Gross Investment 80 Rents 10 Interests 20 Exports 30 Imports 50 Corporate Profits 25 Taxes on Production and Imports 5 Net Foreign Factor Income 0 Statistical Discrepancy 0 Refer to the above data. National income is:
a) $395. b) $380. c) $375. d) $360.