Government consumption includes all
A. salaries paid to factory workers.
B. fuel for nuclear submarines.
C. pencils bought by a private university.
D. cola served in a company cafeteria.
Answer: B
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Use the following graph, where Sd and Dd are the domestic supply and demand for a product and Pc is the world price of that product, to answer the next question.
Sd + Q is the product supply curve after an import quota is imposed. A quota of y?w will result in a deadweight loss equal to areas
A. F + J. B. G + H. C. E + F + G + H + J. D. F + G + H + J.
If the current account balance has a $70 million deficit and there was no change in official reserves during that year, then we know that
A) net transfers were -$70 million. B) the capital account balance must have a $70 million deficit. C) the balance of payments must register a $70 million surplus. D) the official settlements account balance must have a $70 million surplus. E) the capital and financial account balance must have a $70 million surplus.
With respect to how economists study the economy, which of the following statements is most accurate?
a. Economists study the past, but they do not try to predict the future. b. Economists use "rules of thumb" to predict the future. c. Economists devise theories, collect data, and analyze the data to test the theories. d. Economists use controlled experiments in much the same way that biologists and physicists do.
Here are four positions that Farmer Gomez can be in: (1 ) bad weather for Gomez and good weather for all other farmers; (2 ) bad weather for all farmers except Gomez (who witnesses good weather); (3 ) bad weather for all farmers; (4 ) good weather for all farmers. Assuming the demand for foodstuffs is inelastic, Farmer Gomez would probably rank these four positions, from best for him to worst for
him, the following way: A) 1,2,3,4. B) 2,1,3,4. C) 2,3,4,1. D) 4,3,2,1. E) 3,4,1,2.