Refer to Scenario 1. What is the total sum of squares?
A) 3860.8
B) 3718.9
C) 141.9
D) None of the above.
A
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The self-correcting property of the economy means that output gaps are eventually eliminated by:
A. increasing or decreasing potential output. B. government policy. C. decreasing inflation only. D. increasing or decreasing inflation.
Efficiency involves:
a. producing only one out of many possible commodities. b. producing output using the least amount of labor. c. producing as far inside the production possibilities frontier as possible. d. getting the maximum possible output from available resources. e. producing output using the least amount of capital.
Figure 3-1
According to Figure 3-1, the opportunity cost of one more bushel of wheat is
A. higher at B than at D. B. lower at B than at D. C. equal at B and D. D. impossible to determine from the information given.
When a temporary beneficial supply shock hits a small open economy, it causes the current account to ________ and investment to ________
A) fall; fall B) rise; remain unchanged C) fall; remain unchanged D) rise; fall