GDP is the market value of:
A. Resources (land, labor, capital, and entrepreneurship) in an economy in a given year
B. All final goods and services produced in an economy in a given year
C. Consumption and investment spending in an economy in a given year
D. All output produced and accumulated over the years
B. All final goods and services produced in an economy in a given year
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The public debt is
A) an excess of government spending over government revenues during a given time period. B) all federal government debt irrespective of who owns it. C) a situation in which the government's spending is exactly equal to the total taxes and other revenues it collects during a given time period. D) the total value of all outstanding federal government securities.
Refer to the scenario above. The opportunity cost of producing good Y equals:
A) gain in Good Y / gain in Good X. B) loss in Good X / gain in Good Y. C) loss in Good X / loss in Good Y. D) gain in Good X / gain in Good Y.
If Eddie can produce 40 milk shakes or 20 banana splits in an hour, and Tina can produce 30 milk shakes or 16 banana splits in an hour, then Tina has a comparative advantage in producing banana splits.
Answer the following statement true (T) or false (F)
Refer to Table 9-12. Which country has an absolute advantage in producing belts?
A) Estonia B) Morocco C) both countries D) neither country