Germany has a comparative advantage in the production of which product?
cameras
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If a price ceiling of $8 were placed on the market in the graph shown, which area represents the surplus that is transferred from producers to consumers?
A. C + D + F + G
B. C + D
C. F + G
D. C
A country’s GDP per capita is calculated by dividing the GDP by _______.
a. purchasing power parity (PPP) b. exchange rate c. GDP over time d. population
A vertical line showing the economy's potential is called the:
A. long-run aggregate supply line. B. short-run aggregate supply line. C. short-run equilibrium output line. D. aggregate demand curve.
Assume for the United States that the opportunity cost of each airplane is 50 cars. Which of these pairs of points could be on the United States' production possibilities frontier?
a. (200 airplanes, 5,000 cars) and (150 airplanes, 4,000 cars) b. (200 airplanes, 12,500 cars) and (150 airplanes, 15,000 cars) c. (300 airplanes, 15,000 cars) and (200 airplanes, 25,000 cars) d. (300 airplanes, 25,000 cars) and (200 airplanes, 40,000 cars)