What is the opportunity cost of 1 automobile in terms of tractors for the U.S. and Japan, respectively?
A. 0.5 tractors and 2 tractors
B. 0.5 tractors and 1 tractor
C. 2 tractors and 1 tractor
D. 2 tractors and .25 tractors
C. 2 tractors and 1 tractor
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In 2012, Ben Bernanke expressed which concern about persistently high unemployment?
A) It would result in high inflation. B) It would result in structural damage to the economy that would last for years. C) It would never decline to desired levels. D) It would cost him his job.
If the world supply curve is SW0,
A. there is a trade deficit. B. trade is in balance. C. there is a trade surplus. D. there is no trade.
The M1 measure of money is suggested by the ________ approach to measuring money.
A. investment B. speculative C. liquidity D. transactions
What is measured on the horizontal axis of the aggregate demand/aggregate supply model?
A) real wealth B) real Gross Domestic Product (GDP) C) prices D) nominal income