Assume that Jamaica and Norway can switch between producing coolers and producing radios at a constant rate. The following table shows the number of coolers or number of radios each country can produce in one day. Output Produced in One Day Coolers Radios Jamaica 12 6 Norway 24 3 Refer to Table 3-21. Jamaica’s opportunity cost of one cooler is

When Maria deposits $100 in currency in her checkable deposit at Bank of America, the immediate effect is that the quantity of M1

A) decreases. B) does not change. C) increases. D) changes, but the direction of the change depends on whether the deposit was accepted by a thrift institution or a commercial bank. E) changes only if Bank of America does not have excess reserves.

Refer to Figure 3-7. Assume that the graphs in this figure represent the demand and supply curves for women's clothing. Which panel best describes what happens in this market when the wages of seamstresses rise?

A) Panel (a) B) Panel (b) C) Panel (c) D) Panel (d)

The growth rate of average annual earnings in the United States from 1973 to 1995 was:

A. roughly equal to zero. B. higher than it was from 1960 to 1973. C. the same as it was from 1960 to 1973. D. lower than it was from 1960 to 1973.

Barriers to entry:

A. restrict the number of firms in an industry. B. exist only in perfectly competitive markets. C. limit output in an industry. D. do not affect the number of firms in an industry.