In the figure above, if Mac and Izzie both completely specialized and traded with one another, their joint output would be
A) 3 computers and 3 TV sets per month.
B) 6 computers and 6 TV sets per month.
C) 12 computers and 12 TV sets per month.
D) 24 computers and 24 TV sets per month.
C
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Refer to Figure 2-5. If the economy is currently producing at point X, what is the opportunity cost of moving to point W?
A) 19 million tons of steel B) 5 million tons of paper C) 9 million tons of paper D) 3 million tons of steel
U.S. net export spending falls when
A) the inflation rate is lower in the United States relative to other countries. B) the growth rate of U.S. GDP is faster than the growth rate of GDP in other countries. C) the value of the U.S. dollar decreases relative to other currencies. D) the price level in the United States falls relative to the price level in other countries.
The ________ suggests that the most important factor affecting the demand for domestic and foreign assets is the expected return on domestic assets relative to foreign assets
A) theory of portfolio choice B) law of one price C) interest parity condition D) theory of foreign capital mobility
Which of the following is characteristic of the marginal revenue product schedule for a resource?
a. It approximates the firm's demand curve for the resource. b. It measures the change in total revenue resulting from employing an additional unit of the resource. c. It is determined by multiplying the marginal product of the resource by the marginal revenue of the good produced. d. All of these are true.