Refer to Figure 18.4. With a tariff or quota, what is the equilibrium quantity of gloves in Duckland?
A. 100
B. 80
C. 60
D. 40
Answer: B
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In the figure above, assume that output is $10.5 trillion, while potential output is $12 trillion
If autonomous monetary policy (alone) is used to bring output to $12 trillion, then the figure implies that the real interest rate will be ________ percent, and the inflation rate will be one percent. A) 1.5 B) zero C) one D) 0.5 E) 2.5
Phoenix furniture uses 12 workers, each working eight hours, to produce 192 rocking chairs. What is Phoenix's productivity?
a. 192 rocking chairs b. 24 rocking chairs per hour c. 2 rocking chairs per hour d. 2 hours per rocking chair
Economists have:
A. defined money broadly but still only measure currency in circulation. B. one specific measure of the supply of money. C. no systematic way of measuring the supply of money. D. several different measures of the supply of money.
If real interest rates rise in the United Kingdom relative to the United States, this event will most likely cause the British pound to ________ and the U.S. dollar to ________.
A. depreciate; depreciate B. appreciate; depreciate C. appreciate; appreciate D. depreciate; appreciate