The largest share of total production in the United States is
A) government goods and services.
B) exported goods and services.
C) capital goods.
D) consumption goods and services.
E) imported goods and services.
D
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If Robinson makes 40 purses or 5 wallets per week, and Chamberlin makes 16 purses or 2 wallets per week, then
A) neither Robinson nor Chamberlin stands to gain by specialization and exchange. B) both would gain through exchange if Robinson specialized in purses, Chamberlin in wallets. C) both would gain through exchange if Robinson specialized in wallets, Chamberlin in purses. D) only Robinson would gain through specialization and exchange.
If the price index was 100 in 2000 and 120 in 2010, and nominal GDP was $360 billion in 2000 and $480 billion in 2010, then the value of 2010 GDP in terms of 2000 dollars would be
A) $300 billion. B) $384 billion. C) $400 billion. D) $424 billion.
The socially efficient quantity is found where the demand curve intersects the marginal cost curve
a. True b. False Indicate whether the statement is true or false
Assume you have $2,000 in a savings account at the beginning of the year and the price level is equal to 100. If the price level is equal to 120 at the end of the year, the real value of your savings is closest to
A. $1,880. B. $2,120. C. $1,667. D. $2,400.