Refer to Table 7-6. Prior to trade, what was the opportunity cost to produce 1 sword in Morocco?
A) 1/2 of a belt B) 1 belt C) 1.5 belts D) 2 belts
B
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If the income elasticity of demand for a good is 0.5, then
a. it is a normal good, and its demand curve will shift to the left if buyers' incomes increase b. it is a normal good, and its demand curve will shift to the right if buyers' incomes increase c. it is an inferior good, and its demand curve will shift to the right if buyers' incomes increase d. it is an inferior good, and its demand curve will shift to the left if buyers' incomes increase e. there is insufficient information to determine whether the good is normal or inferior
Economic stagnation coupled with high inflation is commonly called:
A. stagflation. B. inflationary stagnation. C. stagnatory growth. D. inflagnation.
Figure 10-7
At what output level would the actual rate of unemployment equal the economy's natural rate of unemployment in ?
a.
y1
b.
y2
c.
at any output greater than y2
d.
at any output less than y1
Given the following data for the economy, compute the value of GDP. Government purchases of goods and services10Consumption Expenditures70Exports5Imports12Change in inventories-7Construction of new homes and apartments15Sales of existing homes and apartments22Government payments to retirees17Business fixed investment9
A. 141 B. 56 C. 90 D. 83