Use the following table to answer the question below. Dave's Production Possibilities ScheduleSimon's Production Possibilities SchedulePounds of Green BeansPounds of CornPounds of Green BeansPounds of Corn0160080201204060408080406040120208001600Assume Dave consumes 40 pounds of green beans and 80 pounds of corn without trade. Also, assume that Simon consumes 80 pounds of green beans and 40 pounds of corn without trade. Suppose Simon and Dave specialize and that the terms of trade are 1 pound of green beans for 1 pound of corn. If Simon sells Dave 80 pounds of green beans, then the gains from trade for Simon are ________ pounds of green beans and ________ pounds of corn with trade and specialization.
A. 0, 40
B. 40, 0
C. 20, 20
D. 40, 40
Answer: A
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In the figure above, in which country do the lowest-income 30 percent of households have the highest fraction of the nation's income?
A) Country A B) Country B C) Country C D) It is impossible to answer the question without more information.
The above figure shows the costs at Barney's Bagel Bakery. At which of the following amounts of output is the AFC be the lowest?
A) at 2000 bagels B) at 3000 bagels C) at 3500 bagels D) None of the above because the AFC is constant regardless of how many bagels are produced each day.
For a small-denomination certificate of deposit to be included in M2 it must be a denomination of less than
A. $2,500,000. B. $1 trillion C. $100,000. D. $1,000.
The following national income statistics are in billions of dollars
Refer to the above data. Gross domestic product in this economy is:
A.
$400 billion
B.
$442 billion
C.
$483 billion
D.
$517 billion