Refer to the information provided in Table 23.1 below to answer the question(s) that follow. Table 23.1
Refer to Table 23.1. At an aggregate income level of $100, aggregate saving would be
A. -$70.
B. -$30.
C. $50.
D. $70.
Answer: A
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Since World War II, the likelihood that the job of a new college graduate will be directly or indirectly affected by world trade
A) remained constant. B) increased. C) decreased. D) fluctuated widely with no clear trend. E) increased slightly before dropping off.
Assume that when the price of good X is $7, quantity demanded is 25. When price is increased to $9, quantity demanded falls to 20. Based on this information, over the range in question demand is elastic
Indicate whether the statement is true or false
Statistical discrimination
a. arises from employer prejudice b. arises from consumer prejudice c. does not involve prejudice by employers or consumers d. is illegal in the United States e. tends to reduce the profits of profit-maximizing firms
Suppose that a worker in Cornland can grow either 40 bushels of corn or 10 bushels of oats per year, and a worker in Oatland can grow either 5 bushels of corn or 50 bushels of oats per year. There are 20 workers in Cornland and 20 workers in Oatland. If the two countries do not trade, Cornland will produce and consume 400 bushels of corn and 100 bushels of oats, while Oatland will produce and
consume 60 bushels of corn and 400 bushels of oats. If each country made the decision to specialize in producing the good in which it has a comparative advantage, then the combined yearly output of the two countries would increase by a. 280 bushels of corn and 450 bushels of oats. b. 340 bushels of corn and 500 bushels of oats. c. 360 bushels of corn and 520 bushels of oats. d. 360 bushels of corn and 640 bushels of oats.