Click here to have a similar A+ quality paper

Order Now

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 In order to measure gross domestic product, we can follow Question 20 The opportunity cost of one more slice of pizza in terms of sodas is the Question 21 One reason the total sum of the income categories does not equal GDP is that Question 22 The law of demand implies that, other things remaining the same, Question 23 Moving along the production possibilities frontier itself illustrates Question 24 What is gained when people engage in specialization and trade? Question 25 Because of the circular flows of expenditure and income in the economy, total ________ equals total ________ equals total ________.

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

In order to measure gross domestic product, we can follow

Question 20

The opportunity cost of one more slice of pizza in terms of sodas is the

Question 21

One reason the total sum of the income categories does not equal GDP is that

Question 22

The law of demand implies that, other things remaining the same,

Question 23

Moving along the production possibilities frontier itself illustrates

Question 24

What is gained when people engage in specialization and trade?

Question 25

Because of the circular flows of expenditure and income in the economy, total ________ equals total ________ equals total ________.

Click here to have a similar A+ quality paper

Order Now