Refer to the information provided in Table 2.1 below to answer the following question(s).
Table 2.1?KrystalMarkWriting Poems812Writing TV Commercials24Refer to Table 2.1. To maximize total production,
A. Krystal should write poems and write TV commercials, but Mark should only write poems.
B. Krystal should specialize in writing TV commercials, and Mark should specialize in writing poems.
C. Mark should specialize in writing TV commercials, and Krystal should specialize in writing poems.
D. Krystal and Mark should both split their time between writing poems and writing TV commercials.
Answer: C
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A reduction in current consumption to pay for the investment in capital intended to increase future production is known as the:
A. consumption effect. B. substitution effect. C. investment trade-off. D. income effect.
High protective tariffs
A. would be supported by most economists. B. will become more likely if we do not reduce our trade deficit. C. have very little support. D. would definitely solve all our trade problems.
If the exchange rate moves from 10 Mexican pesos per U.S. dollar to 12 Mexican pesos per U.S. dollar, then the Mexican peso has ________ and the U.S. dollar has ________.
A. appreciated; appreciated B. depreciated; depreciated C. depreciated; appreciated D. appreciated; depreciated
Assume the exchange rate is allowed to fluctuate freely. Using the IS-LM-IP model, graphically illustrate and explain what effect monetary expansion will have on the domestic economy. In your graphs, clearly label all curves and equilibria
What will be an ideal response?