Given equation Y3007Y what does Y equal INPUT TYPE A 1000 23 Economics does not

Given equation y3007y what does y equal input type a

This preview shows page 4 - 8 out of 9 pages.

22.Given equation Y=300+.7Y, what does Y equal? <INPUT TYPE=\ A) 1000
Image of page 4
23.Economics does not study correct or incorrect behaviors but rather it assumes that economic agents behave ________, meaning they make the best decisions given their knowledge of the costs and benefits. 24.Which of the following is a positive economic statement? 25.In one hour of labor input, South Korea can produce either 100 computer chips or 50 bed linens. In the U.S.,in one hour of labor input, either 150 computer chips or 100 bed linens can be made. Select the correct response below. <INPUT TYPE=\ A) The U.S. has a comparative advantage in computer chips manufacturing. 26. The extra cost associated with undertaking an activity is called <INPUT TYPE=\ B) marginal cost. 27. Jen makes $16 per hour and Sammie makes $20 per hour. Both Jen and Sammie like to eat hamburgers that cost $4 each. Select the correct answer below. <INPUT TYPE=\ B) Sammie’s real wage is higher than Jen’s real wage28.In May 2009, the U.S. auto industry experienced a 34 percent decline in sales compared to May 2008. The automobile industry was experiencing the effects of<INPUT TYPE=\ C) the business cycle. 29.Consumption expenditures$800Investment expenditures300Government purchases300Government transfer payments400Exports300Imports300Refer to Table above. Consider the data above (in billions of dollars) for an economy: Gross domestic product (in billions of dollars) for this economy equals<INPUT TYPE=\ D) $1,40030.YearGuns ProducedPrice of GunsButter ProducedPrice of Butter200580$540$4
Image of page 5
2011 90 6 60 10Consider the above data for Tyrovia, a country that produces only two products: guns and butter. Real GDP for Tyrovia for 2005 using 2011 as the base year equals
Image of page 6
31.Which of the following cause the unemployment rate as measured by the Bureau of Labor Statistics to understate the true extent of joblessness? <INPUT TYPE=\ B) discouraged workers
Image of page 7
Image of page 8

  • Left Quote Icon

    Student Picture

  • Left Quote Icon

    Student Picture

  • Left Quote Icon

    Student Picture