Question Question 1 The United States can use all its resources to produce 250 DVDs or 500 s

Question 1

The United States can use all its resources to produce 250 DVDs or 500 shoes. China can use all of its resources to produce 30 DVDs or 300 shoes. The opportunity cost of producing a DVD in the United States is

Question 2

The relationship between real GDP and potential GDP over the business cycle can be best summarized by which of the following statements?

Question 3

A south sea island produces only coconuts. In 2012, the price of a coconut is $1 and the quantity produced is 200. In 2013, the price of a coconut is $1.50 and the quantity produced is 250. 2012 is the base year. Real GDP in 2013 is ________.

Question 4

Computer chips are a normal good. Suppose the economy slips into a recession so that income falls. As a result, the demand for computer chips ________ so that the price of a computer chip ________.

Question5

The expenditure approach to measuring GDP is done by using data on only

Question 6

Scarcity requires that we

Question 7

Why is a production possibilities frontier bowed out (concave)?

Question 8

The law of supply states that, other things remaining the same,

Question 9

When a person has a comparative advantage in producing a good or service, the person has

Question 10

The difference between nominal GDP and real GDP is

Question 11

Assume a competitive market is in equilibrium. There is an increase in demand, but no change in supply. As a result the equilibrium price ________, and the equilibrium quantity ________.

Question 12

GDP is best defined as the ________ in a given time period.

Question 13

The circular flow model is used to show the

Question 14

Real GDP can increase if the

Question 15

A point on the production possibilities frontier reflects an

Question 16

Consumers regard Dell computers and Apple computers as substitutes. If the price of a Dell computer decreases, the

Question 17

Hank requires 1 hour to cut the grass and 3 hours to clean the house. His sister Holly requires 1 hour to cut the grass and 4 hours to clean the house. Which of the following statements is true?

Question 18

The demand for oranges increases while the supply decreases. The equilibrium price of oranges ________, and the equilibrium quantity ________.

Question 19

Our website has a team of professional writers who can help you write any of your homework. They will write your papers from scratch. We also have a team of editors just to make sure all papers are of HIGH QUALITY & PLAGIARISM FREE. To make an Order you only need to click Ask A Question and we will direct you to our Order Page at WriteDemy. Then fill Our Order Form with all your assignment instructions. Select your deadline and pay for your paper. You will get it few hours before your set deadline.