Figure 11-2
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In Figure 11-2, which movement would represent an improvement for all individuals?
A. A to B
B. C to AC
C. D to B
D. A to D
Answer: C
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In the above figure, which of the following is TRUE regarding the movements from point A to B and from point C to D?
I) The movement from point A to B shows that the economy has chosen to produce 100 more jets. II) The movement from point C to D shows that the economy has chosen to produce 100 more jets. III) The movement from point A to B and from point C to D have the same opportunity cost. A) I and II B) I and III C) II and III D) I, II and III
Suppose that a worker in Country A can make either 25 bananas or 5 tomatoes each year. Country A has 200 workers. Suppose a worker in Country B can make either 18 bananas or 6 tomatoes each year. Country B has 400 workers. For a worker in Country B, the trade-off to making one tomato is:
A. 2 bananas. B. 3 bananas. C. 4 bananas. D. 5 bananas.
If the price of inputs rises and consumer expectations about future economic activity worsens:
a. Price index rises, and real GDP rises. b. Price index rises, and real GDP falls. c. Price index rises, and the change in real GDP is uncertain. d. Price index falls, and real GDP rises. e. The change in price index is uncertain, and real GDP falls.
In an economy with a population of 100 million persons, 50 million hold civilian jobs and 20 million are not working but are looking for a job. The number of persons in the civilian labor force is
A) 50 million. B) 70 million. C) 170 million. D) 180 million..