If labor productivity in a copper mine is 2.5 tons per worker, then 200 copper miners with a fixed amount of capital produce
A. 125 tons.
B. 275 tons.
C. 450 tons.
D. 500 tons.
Answer: D
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Economic growth will be associated with a constant price level when
A) the increase in aggregate demand is accompanied by a reduction in short-run aggregate supply. B) the increase in aggregate demand is less than the increase in long-run aggregate supply. C) the increase in aggregate demand exactly equals the increase in long-run aggregate supply. D) the increase in aggregate demand is more than the increase in long-run aggregate supply.
If the bank is selling euros for $0.89, then what is the implied euro price of the dollar?
A) 2.00 B) 1.99 C) 2.32 D) 1.12
All of the following statements present accurate information about the major antebellum transport routes except:
a. The Northeastern Gateway connected Pittsburgh to Philadelphia and Wheeling to Baltimore. b. The Southern Gateway was primarily a water-based route. c. The Mid-Atlantic Gateway connected Savannah and Charleston to Washington, DC via roads and railroads. d. The Northern Gateway included the Erie Canal.
A firm maximizes profits by charging a lower price to foreign buyers if
A. it has a greater monopoly power in the foreign market than it has in its home market. B. the buyers in the home country have access to cheaper imports from the rest of the world. C. the foreign demand for its good is more elastic than the domestic demand. D. the size of the foreign market is much larger than the home market.