Which of the following is an example of roundabout production?
a. A farmer switches from growing soybeans to growing wheat, getting fewer crops per year as a result.
b. A farmer switches from growing soybeans to growing wheat, getting more crops per year as a result.
c. A self-employed dressmaker becomes a wage worker at a factory that makes dresses.
d. A coal mine is sold by its owners to its workers and run as a cooperative.
e. A telemarketing firm declares a holiday for two days while a new phone system is installed.
E
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Given below are the current account transactions of an economy in a year
a. exported goods and services worth $120 billion b. imported goods worth $200 billion c. revenue earned from manufacturing plants situated abroad equals $80 billion d. dividend paid to foreign investors equals $10 billion e. donations and disaster relief funds given to a foreign country equal $10 billion f. received "gifts" worth $5 billion from foreign donors towards poverty alleviation i) Calculate the economy's trade balance. ii) What will be the balance in the economy's current account?
If production of a good creates negative externalities, then the market
a. will under produce it b. will over produce it c. must be perfectly competitive d. must be constrained by barriers to entry e. will produce the most efficient quantity
Suppose that when price is $10, quantity supplied is 20 . When price is $6, quantity supplied is 12 . The price elasticity of supply is
a. 0.2 b. 0.5 c. 1.0 d. 1.5 e. 2.0
Assume that average labor productivity is the same in each country. Based on the information in the table, which country has the smallest real GDP per capita?CountryPopulation (millions)Share of Population Employed (%)A10060B15055C7550D25045E9540
A. Country A B. Country D C. Country E D. Country B