Figure 5-17
Which of the following statements about Figure 5-17 must be correct?
A. The consumer pays a higher dollar price per unit for good Y at A than at D.
B. The consumer pays the same dollar price per unit for good Y at A and at B.
C. The consumer pays a higher dollar price per unit for good X at D than at A.
D. The consumer pays a higher dollar price per unit for good X at A than at C.
Answer: B
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Which of the following curves reflects the idea that in the long run, output is determined only by the factors of production and given technology?
A) the aggregate demand curve B) the long-run aggregate supply curve C) the Keynesian aggregate supply curve D) the market supply curve
the largest asset if the fed's balance sheet is
What will be an ideal response?
Suppose you deposit $2,000 into Bank of America and that the required reserve ratio is 10 percent. How does this affect the bank's balance sheet?
A) Reserves rise by $200. B) Required reserves rise by $2,000. C) Deposits rise by $1,000. D) Excess reserves rise by $1,800.
Two nations, Alpha and Beta, can both produce steel. Alpha has a comparative advantage in the production of steel if it:
A. Can produce more steel than Beta B. Uses more steel than Beta C. Has a higher domestic opportunity cost of producing steel than Beta D. Has a lower domestic opportunity cost of producing steel than Beta