Tag: Economics – Others

The economic goal for most nations is to achieve a(n)
favorable balance of trade
flat balance of payments
neutral trade position
trade deficit
economic deficit surplus

Question 9 (Bonus) (3 points)
Bonus: Which of the following could be a Veblen good? (+3)
Generic cereal brands
Potatoes during the Irish potato famine
Toyota Camrys
Prestigious universities like Yale

Question 24
The standard macroeconomic model implicitly assumes that expectations adjust following a nominal shock and following a real shock.
quickly; quickly
quickly; slowly
slowly; quickly
slowly; slowly

The Cooperative Extension System (CES) works in all of the following areas except:natural resourcesthe purchasing of wholesale goodsfamily and consumer sciencescommunity and economic development

Consider the following production possibility curve. What is the opportunity cost of producing one more cowboy hat? (Answer to the nearest tenth of a toothpick. Eg. 3.2,9.6. Use only ponumbers.)

Global financial markets operate under a system called floating exchange rates, in which currencies “float” according to the supply and demand in the global market for the currency. true or false

According to Davis and Blomstrom, the idea of what is that decision makers are obligated to take actions that protect and improve the welfare of society as a whole along with their own interests.

A rational person does not act unless the action…
doesn’t involve sunk costs
produces marginal benefits that exceed marginal costs
generates revenue
produces average benefits that marginal costs

Which of the following principles reminds us to ignore sunk costs?
All or none principle
Marginalism principle
Interdependency principle
Cost/benefit principle
Opportunity cost principle

1Use the information in the graph to complete the table below. Start on the top row with a price of $40 and move down in $10 increments, finishing on the bottom row with a price of $0.Price ($)