World output of goods and services increases with specialization because
A. Each country's workers are willing to work harder than they did before specialization.
B. The world's workers are more educated than before specialization.
C. Each country's production possibilities curve shifts rightward.
D. The world's resources are being used more efficiently.
Answer: D
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If in the third quarter of 2016 total investment spending was $4,768 billion and depreciation was $3,292 billion, then net investment was equal to
A) $1,476 billion. B) $3,292 billion. C) $4,768 billion. D) $8,060 billion.
Refer to Table 8-8. Suppose that a simple economy produces only four goods and services: sweaters, CDs, sugar, and soft drinks
Assume one half of the sugar is used in making the soft drinks and the other half of the sugar is purchased by households. Calculate nominal GDP for this simple economy.
Which of the following statements accurately contrasts individual behavior and group behavior?
a. Group behavior is more predictable than individual behavior. b. Group behavior is more dishonest than individual behavior. c. Group behavior is more varied than individual behavior. d. Group behavior is more objective than individual behavior.
Consider a market characterized by the following inverse demand and supply functions: PX = 10 - 2QX and PX = 2 + 2QX. Compute the surplus producers receive when an $8 per unit price floor is imposed on the market.
A. $3. B. $1. C. $5. D. $2.