When graphed, variables that are unrelated are shown by either a horizontal or a vertical line
Indicate whether the statement is true or false
TRUE
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Assume an economy produces only footballs and baseballs and the base year is 2005. Quantity producedPrices 2005200620052006Footballs200300$20$25Baseballs500600$10$15Given the data in the table above, what is the value of real GDP in 2006?
A. $12,500 B. $10,000 C. $ 9,000 D. $12, 000
Which of the following statements about the United States was true as of 2007?
A) It was the world's largest exporter. B) It had the world's largest deficit in its current account. C) It had the world's largest surplus in its current account. D) None of the above are true.
The slope of a country's production possibility frontier with cloth measured on the horizontal and food measured on the vertical axis in the specific factors model is equal to ________ and it ________ as more cloth is produced
A) -MPLF/MPLC; becomes steeper B) -MPLF/MPLC; becomes flatter C) -MPLF/MPLC; is constant D) -MPLC/MPLF; becomes steeper E) -MPLC/MPLF; is constant
Refer to above Table 2-2. The implicit GDP deflator for year 2 is
A) 1.284. B) 1.432. C) 1.101. D) 1.334.