In a map showing three indifference curves a consumer is most well off on
A. the curve which is most farther away from the coordinate axes.
B. the curve which is closest to the origin of the coordinate axes.
C. the curve that is in the middle.
D. none of these.
Answer: A
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An economy has no imports or income taxes. The MPC is 0.75 and real GDP is $120 billion. Businesses increase investment by $4 billion. The new level of real GDP is
A) $140 billion. B) $128 billion. C) $136 billion. D) $124 billion. E) $132 billion.
The slope of a production possibilities frontier measures the ________ of producing one more unit of a good
A) marginal cost B) marginal revenue C) total revenue D) opportunity cost
Which of the following activities, if any, represents an external benefit? a. The benefit to a consumer from watching a film on DVD
b. The reduction in air quality resulting from industrial development in an urban area. c. The increase in the value of property belonging to your neighbors when you hire a landscaper to beautify your front yard. d. The reduction in property values when a new airport is built in a neighborhood.
Other things being equal, a depreciation of the dollar
A. decreases aggregate demand in the United States, and may increase aggregate supply by reducing the prices of imported resources. B. decreases aggregate demand in the United States, and may decrease aggregate supply by increasing the prices of imported resources. C. increases aggregate demand in the United States, and may decrease aggregate supply by increasing the prices of imported resources. D. increases aggregate demand in the United States, and may increase aggregate supply by reducing the prices of imported resources.