In a market operating along the production possibilities curve, which of the following is inevitable if the production of one of the goods is increased?
a. inefficiency
b. labor shortage
c. unemployed resources
d. less of other goods must be produced
d
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In 2010, many politicians argued that the deficit should be reduced at all costs but many economists countered that deficit reduction would be problematic given the state of the economy
a. True b. False Indicate whether the statement is true or false
A nation's standard of living is best measured by its
a. real GDP. b. real GDP per person. c. nominal GDP. d. nominal GDP per person.
An investment pays $1,500 half of the time and $500 half of the time. Its expected value and variance respectively are:
A. $2,000; (250,000 dollars)2 B. $1,000; 250,000 dollars C. $1,000; 250,000 dollars2 D. $1,000; 500,000 dollars
Since 1975, exports and imports of the U.S. have generally been:
A. Decreasing as a percentage of its GDP and its share of total world trade has been decreasing B. Increasing as a percentage of its GDP and its share of total world trade has been increasing C. Decreasing as a percentage of its GDP, but its share of total world trade has been increasing D. Increasing as a percentage of its GDP, but its share of total world trade has been decreasing