Which of the following statements draws a false conclusion?
A. Life expectancy in an average African country is lower than in an average European country; therefore Europeans can expect to outlive Africans.
B. Nations that currently produce no capital goods, and whose inhabitants are hungry, risk famine with internally funded capital investments.
C. Some African nations have substantially more food and capital investment than others; therefore, their standard of living is higher.
D. Population reduction policies, if effective, can improve the nation's wealth by increasing real per capita GDP.
Answer: C
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The above figure shows the demand curve for dollars in the yen/dollar exchange market. A movement from point A to point B means that the
A) quantity supplied of dollars has increased. B) quantity demanded of dollars has increased. C) quantity demanded of dollars has decreased. D) quantity demanded of yen has decreased.
As the price of gasoline rose during the 1970s, consumers cut back on their use of gasoline relative to other consumer goods. This situation contributed to which bias in the consumer price index?
a. Substitution bias. b. Transportation bias. c. Quality bias. d. Indexing bias.
A budget constraint illustrates the
a. prices that a consumer chooses to pay for products he consumes. b. purchases made by consumers. c. consumption bundles that a consumer can afford. d. consumption bundles that give a consumer equal satisfaction.
Figure 18.1Refer to Figure 18.1. The opportunity cost of bicycles in the United States is:
A. 1/3 of a hang glider. B. 1/2 of a hang glider. C. 3 hang gliders. D. 4 hang gliders.