Use the following table to answer the question below.Alexandra's Production Possibilities ScheduleNatalia's Production Possibilities ScheduleNumber of Scarfs Knitted per dayNumber of Sweaters Knitted per dayNumber of Scarfs Knitted per hourNumber of Sweaters Knitted per hour040433236242916112080Which of the following is an acceptable term of trade?
A. 4 scarves for 2 sweaters
B. 6 scarves for 1 sweater
C. 2 scarves for 2 sweaters
D. 10 scarves for 3 sweaters
Answer: A
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Nominal GDP is
A. also called real GDP. B. a more accurate measure than real GDP. C. real GDP adjusted for changes in the price level. D. GDP measured in current prices.
A mixed economic system is best described as an economy with a mix of
A) state and federal governments. B) domestic and foreign buyers. C) free markets and government control. D) for-profit organizations and not-for-profit organizations.
Which of the following correctly describes the spending multiplier?
A. The initial change in consumption, investment, government spending, or net exports divided by the change in equilibrium GDP. B. An initial increase in aggregate expenditures divided by the equilibrium GDP. C. An initial increase in aggregate expenditures divided by the change in equilibrium GDP. D. The ratio of the change in real GDP to an initial change in any component of aggregate expenditures.
As of the year 2000, agriculture accounted for what percentage of total U.S. output?
A. 8 percent. B. 5 percent. C. 1 percent. D. None of the choices are correct.