Refer to the information provided in Table 20.4 below to answer the question(s) that follow.
Table 20.4GermanyChileBeerWineBeerWine(cases)(cases)(cases)(cases)75030 060152412453018 24304512 361560 6 48075 0 60 Refer to Table 20.4. Before specialization, Germany produces 45 cases of beer and 30 cases of wine, and Chile produces 18 cases of beer and 24 cases of wine. After specialization, the increase in wine production is
A. 2 cases of wine.
B. 4 cases of wine.
C. 6 cases of wine.
D. 10 cases of wine.
Answer: C
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Use the following production possibilities frontier to answer the next question.
The selection of which point on the production possibilities frontier is most likely to result in the largest increase in economic growth over time?
A. Point 1 B. Point 2 C. Point 3 D. Point 4
A market in which final goods and services are exchanged is a
A. Labor market. B. Public goods market. C. Factor market. D. Product market.
Based on the figure below. Starting from long-run equilibrium at point C, a decrease in government spending that decreases aggregate demand from AD1 to AD will lead to a short-run equilibrium at__ creating _____gap.
A. B; no output B. D; an expansionary C. B; recessionary D. D; a recessionary
Suppose that the wage for musicians increases relative to other occupations. We know that ________ people will work in music, and the total number of hours worked will ________.
A. more; increase B. more; decrease C. fewer; increase D. fewer; decrease