Figure 9-1
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Which of the graphs in Figure 9-1 best illustrates the path of a composite of common stock prices over the long term?
A. (1)
B. (2)
C. (3)
D. (4)
Answer: C
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If a nation has an absolute advantage in producing a good, then it
A) will have a comparative advantage in producing that good. B) will have no need to trade with other nations. C) will always specialize in that good. D) might or might not have a comparative advantage in producing that good. E) will not have a comparative advantage in producing that good.
We say that money is a unit of account because it represents:
A. a certain amount of purchasing power held over time. B. something you can use to purchase goods and services. C. something you can directly offer, like any good or service, in exchange for some good or service you want. D. a standard unit of comparison.
The Cakery Bakery sells 200 muffins at a price of $2 per muffin. Its explicit costs for producing 200 muffins are $350. If the bakery is earning a normal rate of return, then its implicit costs must be
A. $0. B. $50. C. $350. D. $400.
The Great Depression
A) is a very serious recession in U.S. history in which national income fell by 30 percent B) was the most serious recession in U.S. history until the more recent "Great Recession" C) imposed great hardships on households because the unemployment rate reached as high as 10 percent D) all of the above