In 2012, GDP per capita was ________ in the United States than in China, and since
1980, the growth rate of real GDP per capita has been ________ in the United States
than in China.
A) higher; higher
B) higher; lower
C) lower; higher
D) lower; lower
Figure 30-7
Which of the following is true?
A) U.S imports are more expensive at exchange rates greater than $.02/rupee than at the
equilibrium exchange rate.
B) The rupee is overvalued at exchange rates less than $.02/rupee.
C) To achieve an exchange rate greater than $.02/rupee, the Reserve Bank of India must
buy surplus dollars with rupees.
D) Indian exports to the United States are more expensive at exchange rates greater
than $.02/rupee than at the equilibrium exchange rate.
Table 2-9
Table 2-9 shows the output per week of two jewelers, Serena and Haley. They can either
devote their time to making bracelets or making necklaces. What is Serena’s
opportunity cost of making a bracelet?
A) 2 necklaces
B) 1/2 of a bracelet
C) 1/2 of a necklace
D) 3/4 of a bracelet
Table 11-2
Table 11-2 summarizes production at the Crunchy Apple Orchard for the month of April
2005. What is the average product of labor when the orchard employs 5 workers?
A) 270 bushels
B) 54 bushels
C) 40 bushels
D) 8 bushels
Table 4-2
The table above lists the highest prices five consumers are willing to pay for a theater
ticket. If the price of one ticket rises from $10 to $19
A) only three tickets will be sold.
B) consumer surplus decreases from $31 to $6.
C) consumer surplus increases from $44 to $71.
D) no one will buy a ticket.
________ is the ability to produce more of a good or service than competitors when
using the same amount of resources.
A) Absolute advantage
B) Comparative advantage
C) Trade superiority
D) Trade autarky
Long-run macroeconomic equilibrium occurs when aggregate demand ________
short-run aggregate supply and they ________ the long-run supply curve.
A) equals; intersect at a point to the right of
B) equals; intersect at a point on
C) is greater than; intersect at a point to the left of
D) is less than; intersect at a point to the right of
During most of the years of the Great Depression, the actual federal budget was in
________, and the cyclically adjusted budget was in ________.
A) deficit; surplus
B) surplus; surplus
C) deficit; deficit
D) surplus; deficit
Figure 2-6
If the economy is currently producing at point C, what is the opportunity cost of
moving to point B?
A) 10 thousand wrenches
B) 13 thousand hammers
C) 30 thousand wrenches
D) 23 thousand hammers
In 2013, Ford Motor Company’s sales were rising. These events were caused by
A) an economic recession.
B) an economic expansion.
C) an increase in advertising.
D) improving quality of service.