Which of the following would most likely be defined as a final good?
A) a computer tablet B) wheat C) iron ore D) lumber
A
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AirTran, JetBlue, Southwest Airlines and Sun Country Airlines are generally referred to as low-cost airlines
Why might this type of industry be used as an example of a contestable market? Can you think of any reasons why this might not be a good example of a contestable market?
Country A had a population of 2,000, of whom 1,300 worked an average of 8 hours a day and had a productivity of 5 . Country B had a population of 2,500, of whom 1,700 worked 8 hours a day and had productivity of 4 . Country
a. A had the higher level of real GDP and real GDP per person. b. A had the higher level of real GDP and Country B had the higher level of real GDP per person c. B had the higher level of real GDP and Country A had the higher level of real GDP per person d. B had the higher level of real GDP and real GDP per person.
Suppose you are a member of the Council of Economic Advisors and you are trying to get the US economy out of a recession and increase RGDP. What Keynesian macroeconomic policy could be advised to the government?
reduce the tax rate and increase government spending (expansionary fiscal policy) raise the tax rate and reduce government spending reduce government spending raise the tax rate
Suppose labor productivity in France is such that one hour of labor is required to produce one gallon of wine while two hours of labor are required to produce one pound of cheese. Assuming the availability of one million labor hours, draw a constant-cost production-possibility curve for France with the quantity of cheese measured along the vertical axis and the quantity of wine on the horizontal axis. If the free-trade price of wine is two pounds of cheese per gallon, show where, with free trade, France will produce on its production-possibilities curve. Then, draw and use a trade line to illustrate how France can gain from free trade.
What will be an ideal response?