Figure 17-8
Refer to . With trade, the price of wagons in this country is
a.
$8, with 70 wagons being produced in this country, 20 of which are exported.
b.
$8, with 90 wagons being produced in this country, 50 of which are exported.
c.
$5, with 40 wagons being produced in this country and another 30 wagons being imported.
d.
$5, with 40 wagons being produced in this country and another 50 wagons being imported.
d
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A retired worker receives a pension that is not indexed to inflation. Which of the following will happen if the rate of inflation rises?
A) The retiree's purchasing power will fall. B) The shareholders of the firm in which he worked will lose. C) The retiree's purchasing power will increase. D) The retiree will be better off.
If the price level falls and the money wage rate does not change, some firms ________ and there is ________
A) shut down; a leftward shift of the aggregate supply curve B) start up; a rightward shift of the aggregate supply curve C) start up; an increase in potential GDP D) shut down; a decrease in the quantity of real GDP supplied E) shut down; a decrease in potential GDP
The maximum welfare benefit levels in most states
A. by law are 1.5 times the poverty income threshold. B. by law must equal the poverty income threshold. C. are significantly above the poverty income threshold. D. are significantly below the poverty income threshold.
Suppose price increases from $9.00 to $11.00. Using the mid-point formula, the percentage change in price is:
A. -20% B. 2% C. 25% D. 20%