# Use the table below for questions 7 8 lets consider

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Chapter 1 / Exercise 1
Microeconomics
Arnold
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7.Use the table below for questions 7 & 8.Let’s consider some data on consumption and disposable income from the Federal Reserve Database (measured in billions of dollars)Real PersonalConsumptionExpendituresReal DisposablePersonal IncomeJanuary 1,19905658.86376.6April 1,201310690.911591.4The percent change in consumption between 1/1/90 and 4/1/13 is %.88.93
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Chapter 1 / Exercise 1
Microeconomics
Arnold
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8.The percent change in real disposable between 1/1/90 and 4/1/13 is %.81.78
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9.Given equation Y=330+.8Y, what does Y equal?
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10.
Use the following information to answer questions 10 – 14.Suppose South Korea can produce 100 computer chips with 10 hours of labor input and 50 bed linens with 6 hours of labor input. The US can produce 100 computer chips with 8 hours of labor input and 50 bed linens with 4 hours of labor input.The opportunity cost of producing 100 computer chips for South Korea is:
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11.The opportunity cost of producing 50 bed linens for South Korea is:A) 83.33 Bed LinensB) 100 Bed LinensC) 60 Computer ChipsD) 50 computer ChipsCorrect Answer(s):C
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12.The opportunity cost of producing 100 computer chips for the US is:
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