In the economy of Talikastan in 2015, consumption was $4000, exports were $800, GDP was $7500, imports were $200, and investment was $1000 . What were Talikastan's government purchases in 2015?
a. $1200
b. $1900
c. $2500
d. $4500
b
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If two countries with diminishing returns and different marginal rates of substitution between two products were to engage in trade, then
A) the marginal rates of substitution of both would become equal. B) the shapes of their respective production possibility frontiers would change. C) the larger of the two countries would dominate their trade. D) the country with relatively elastic supplies would export more. E) the opportunity costs for the smaller country would increase.
Real wages will rise if
A) money supply growth is less than expectations. B) real interest rates fall. C) aggregate demand is less than aggregate supply. D) money supply growth exceeds the inflation rate.
Adverse selection in insurance requires that
a. all people face the same risk b. potential customers facing more risk are no more interested in purchasing insurance c. people are risk averse d. insurers can tell higher risk people from lower risk people
According to Coasian reasoning, if negotiation is costless:
a. irrespective of the initial distribution of rights, the efficient outcome will minimize the net benefit of the group. b. the efficient outcome will minimize the net benefit of the individual who has more rights compared to the others in the group. c. irrespective of the initial distribution of rights, the efficient outcome will maximize the net benefit of the group. d. the efficient outcome will maximize the net benefit of the individual who has more rights compared to the others in a group.