The government's chief forecasting gauge for business cycles is the:
a. unemployment rate.
b. real GDP.
c. personal income index.
d. index of leading indicators.
d
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The mean (average) of 5 numbers is 130. If one of the numbers is recorded incorrectly as 59 instead of 95, what would be the correct mean?
A) 126.52 B) 130 C) 137.2 D) 140
Which of the following is counted as a benefit from international trade?
A) New production processes developed in one nation are transmitted to others. B) Intellectual property such as music and computer applications is introduced throughout the world. C) New goods have been introduced to other parts of the world. D) All of the above are benefits from international trade.
Figure 10-10
indicates the output of the economy, y1, is
a.
less than the economy's long-run capacity.
b.
equal to the economy's long-run capacity.
c.
greater than the economy's long-run capacity.
d.
unattainable, even in the short run.
The marginal utility of the last unit of apples consumed is 12 and the marginal utility of the last unit of bananas consumed is 8. What set of prices for apples and bananas, respectively, would be consistent with consumer equilibrium?
A. $4 and $6 B. $6 and $4 C. $8 and $12 D. $16 and $9