Refer to the information for this hypothetical economy provided in Table 20.2 below to answer the question(s) that follow.Table 20.2 2014 2015 2016QuarterIIIIIIIVIIIIIIIVIIIIIIIVOutput98949010210510811010397949090Refer to Table 20.2. In this economy, a contraction existed around the
A. fourth quarter of 2014 to the fourth quarter of 2015.
B. first quarter of 2014 to the third quarter of 2014.
C. first quarter of 2015 to the fourth quarter of 2015.
D. third quarter of 2016 to the fourth quarter of 2016.
Answer: B
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The people who support restricted international trade say that ______
A. protection saves jobs, in both the U.S. and foreign economies B. U.S. firms won't be able to compete with low-wage foreign labor if trade is free C. outsourcing sends jobs abroad, which brings diversification and makes our economy more stable D. protection is needed to enable U.S. firms to produce the things at which they have a comparative advantage
Consider indifference curves for goods X and Y. Suppose we plot the quantity of good Y on the vertical axis and the quantity of good X on the horizontal axis
a. Why are indifference curves downward sloping? b. What is the economic interpretation of the slope of an indifference curve? c. Following what we learned in the Appendix to this chapter, indifference curves would flatten out as someone consumes more of good X and less of good Y. What are we assuming when we draw indifference curves that become flatter?
The Leontief paradox arose because Leontief's results indicated that in the United States physical capital was an export-oriented input.
Answer the following statement true (T) or false (F)
A society's production possibility frontier is bowed out from the origin because some resources are better suited for producing one good as opposed to the other.
Answer the following statement true (T) or false (F)