In deciding whether to study for an economics quiz or go to a movie, one is confronted by the idea(s) of:
A. scarcity and opportunity costs.
B. money and real capital.
C. complementary economic goals.
D. full production.
Answer: A
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If a toy costs 30 yuan in China, how much will it cost in dollars, if the exchange rate is 6 yuan per dollar?
What will be an ideal response?
What are inventories? What usually happens to inventories at the beginning of a recession, and what usually happens to inventories at the beginning of an expansion?
What will be an ideal response?
Suppose the money supply grows at an annual rate of 10%, real GDP grows at 4%, the growth rate of velocity is 0%, and the expected real interest rate on Aaa corporate bonds averages 5.5%
Use the Fisher equation to determine the nominal interest rate on Aaa bonds. What will happen to the nominal interest rate in the long run if the growth rate of the money supply decreases to 7%?
Suppose the domestic market demand function in a certain market where Q is measured in thousands of units is Qd = 20 - 2.5P, and the domestic market supply function is Qs = 2.5P - 7.5. Suppose further that the world price for the good in question is $3.40 per unit. If the government places a $1.20 tariff on imported units of this good, by how much is consumer surplus reduced?
A. $14,450 B. $5,400 C. $12,000 D. $3,600