One question that arises when determining for whom goods and services should be produced is:
A) Who gets how much of the economic pie?
B) How can we import more goods for domestic consumption?
C) How can we reduce exports so as to leave more goods for domestic consumption?
D) Should society outlaw child labor?
Ans: A) Who gets how much of the economic pie?
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The market demand for MP3 player is p = 50 - 0.5Q, and the marginal cost for Nick to obtain and sell a MP3 player is $10
If he receives $12 for each MP3 player he sells from the store owner and the store owner controls the quantity of MP3's available for sale, then A) 40 MP3 players will be sold. B) joint profit is $798. C) joint profit will be maximized. D) Nick will sell as many as he can.
When the U.S. dollar depreciates against other currencies:
a. foreign goods become less expensive to U.S. buyers. b. U.S. goods become more expensive to foreign buyers. c. foreign currencies depreciate against the U.S. dollar. d. the volume of U.S. imports decline. e. the volume of U.S. exports decline.
While hurricane Katrina severely disrupted the normal flow of economic activity in the Gulf Coast States in 2005, in the periods following the hurricane
a. the price level fell below 100 b. unemployment in the U.S. spiked c. aggregate demand increased, sparked by the need for reconstruction d. real GDP fell to 1980's levels e. imports rose dramatically
When the Federal Open Market Committee (FOMC) votes on policy, they do so
A) in the following order: the chair, the vice chair, the remaining FOMC members in alphabetical order. B) in order based on seniority at the Fed. C) in the following order: the chair, the vice chair, the remaining FOMC members by seniority at the Fed. D) in alphabetical order.