Refer to Figure 11-7. When output level is 100, what is the total cost of production?
A) $20 B) $1,000 C) $1,200 D) $2,000
D
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According to the interest-rate-based monetary policy transmission mechanism, an increase in the money supply generates
A) increased spending on consumer goods and services directly, which causes an increase in aggregate demand. B) an increase in aggregate supply since the supply of money is part of aggregate supply. C) lower interest rates, which causes an increase in planned real investment spending and an increase in aggregate demand. D) an increase in nominal GDP and a change in the price level, but no change in real GDP.
Refer to Table 2-1. Assume Dina's Diner only produces sliders and hot wings. A combination of 20 sliders and 60 hot wings would appear
A) along Dina's production possibilities frontier. B) inside Dina's production possibilities frontier. C) outside Dina's production possibilities frontier. D) at the vertical intercept of Dina's production possibilities frontier.
An example of barter is voluntary work at an old-age home
a. True b. False Indicate whether the statement is true or false
Which of the following statements is true concerning income inequality?
A. Developed countries have greater income inequality than developing countries. B. Income is equally distributed in poor countries. C. The free market produces an unequal distribution of income. D. The government has no way to alter income inequality.