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Year Oranges Produced 1998 2000 1,800 2,000 Table 19-10 Price of Oranges (Dollars) \$0.90 \$1.00 Shirts Produced Price of Shirts (Dollars) 110 110 \$30...

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1.  Table 19-10 Year Oranges Produced Price of Oranges (Dollars) Shirts Produced Price of Shirts (Dollars) 1998 1,800 \$0.90 110 \$30 2000 2,000 \$1.00 110 \$35 Consider the data shown above for a fictional economy that produces only two products: oranges and shirts. Refer to Table 19-10. Nominal GDP for this fictional economy for 1998 equals (Points : 1) \$4,620. \$5,100. \$5,300. \$5,850. 2.  The Philippines and Vietnam have roughly the same size population. Suppose the GDP of the Philippines is \$1,000 billion and the GDP of Vietnam is \$10,000 billion. You should conclude  (Points : 1)  a typical person in Vietnam is 10 times as well off as the typical person in the Philippines. a typical person in Vietnam is more than 10 times as well off as the typical person in the Philippines. a typical person in Vietnam is less than 10 times as well off as the typical person in the Philippines. it is not possible to make a good comparison of the economic well being of a typical individual in the 2 countries without additional information. 3.  The sum of the value added of every firm involved in producing all final goods and services ________ gross domestic product.  (Points : 1)  equals is greater than is less than is sometimes greater than and other times less than 4.  The informal sector can be a significant drag on the economies of developing countries because the firms in the informal sector  (Points : 1)  produce goods and services no one wants. sell their goods and services to citizens in other countries.
tend to be smaller and have less capital than firms acting legally. employ illegal immigrants from other countries. 5.  Which of the following is not a reason for the slowdown in the demand for ground- freight transportation in the U.S. economy in the last quarter of 2006?  (Points : 1)  a decline in the demand for automobiles a slowdown in the growth of goods portion of the U.S. economy a decline in the demand for housing demand for trucking has become more cyclical 6.  What two factors are the keys to determining labor productivity?  (Points : 1)  the business cycle and the growth rate of real GDP the growth rate of real GDP and the interest rate technology and the quantity of capital per hour worked the average level of education of the workforce and the price level 7.  Purchases of which of the following goods would be dramatically reduced during a recession?  (Points : 1)  tomatoes ink pens gasoline refrigerators 8.  If real GDP in a small country in 2005 is \$8 billion and real GDP in the same country in 2006 is \$8.3 billion, the growth rate of real GDP between 2005 and 2006  (Points : 1)  is 3.0%. is 3.75%. is 3.6%. cannot be determined from the information given. 9.  If the economy enters into a recession, the equilibrium quantity of loanable funds should ________ and the real interest rate should ________.  (Points : 1)  fall; rise fall; fall rise; fall rise; rise 10.  Long-run economic growth requires all of the following except  (Points : 1)  technological change. increases in capital per hour worked. government provision of secure property rights. political instability.

1. Table 19-10
Year Oranges
Produced 1998
2000 1,800
2,000 Price of
Oranges
(Dollars)
\$0.90
\$1.00 Shirts
Produced Price of Shirts
(Dollars) 110
110 \$30
\$35 Consider the data shown above for a...

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