Correct Correct Answers 872 8719 8720 FEEDBACK If you plotted the data provided

# Correct correct answers 872 8719 8720 feedback if you

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Correct! Correct Answers 87.2 87.19 87.20 FEEDBACK: If you plotted the data provided it would appear as it does in the graph below. Note that it would not be correct to connect points A and B with a ruler and call it a consumption function. We need to hold all else constant in order to connect the points, and we know for sure all else is not constant (in particular, wealth and consumer confidence changed) during such a long time period.
Question 8 3 / 3 pts The percent change in real disposable between 1/1/95 and 1/1/18 is: _______%. Correct! Correct Answers 79.96 FEEDBACK: If you plotted the data provided it would appear as it does in the graph below. Note that it would not be correct to connect points A and B with a ruler and call it a consumption function. We need to hold all else constant in order to connect the points, and we know for sure all else is not constant (in particular, wealth and consumer confidence changed) during such a long time period.
Question 9 3 / 3 pts Given equation Y=520+.6Y, what does Y equal? 208 325 1650 None of these are correct Correct! 1300
Question 10 3 / 3 pts Use the following information to answer questions 10 – 14. Suppose South Korea can produce 100 computer chips with 12 hours of labor input and 50 bed linens with 6 hours of labor input. The US can produce 100 computer chips with 10 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: Correct! 100 Bed Linens 125 Bed Linens None of these are correct 40 Computer Chips 50 computer Chips Question 11 3 / 3 pts The opportunity cost of producing 50 bed linens for South Korea is: 125 Bed Linens None of these are correct Correct! 50 computer Chips
40 Computer Chips 100 Bed Linens Question 12 3 / 3 pts The opportunity cost of producing 100 computer chips for the US is: 100 Bed Linens None of these are correct 40 Computer Chips Correct! 125 Bed Linens 50 computer Chips Question 13 3 / 3 pts The opportunity cost of producing 50 bed linens for the US is: 50 computer Chips 100 Bed Linens 125 Bed Linens Correct!
40 Computer Chips None of these are correct Question 14 0 / 3 pts Using comparative advantage, which country should export bed linens? Neither country should export bed linens Correct Answer United States Both countries have a comparative advantage in computer chips, so both should export bed linens Both countries have a comparative advantage in bed linens, so both should export bed linens You Answered South Korea South Korea should import bed linens since they have a comparative advantage in producing computer chips since they have lower opportunity costs in producing computer chips and thus should specialize in producing computer chips.

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