final

The opportunity cost of an item is

What you must give up to get that item

A quota is

a limit on the quantity of imports.

Which one of the following is an example of substitute goods

iPhone and Samsung Galaxy

The table below contain an economy in which typical consumer's basket consists of 20 bushels of corn and 15 bushels of apple. If 2017 is the base year, what is the inflation rate from 2017 to 2018?

none? not 23.93

If both country decide to specialize in the good they have the comparative advantage in, what is the combine production between the two countries?

8 cheese and 8 bread

If M=12,000, P=3, and Y=32,000, then velocity =

8. Velocity will rise if money changes hands more frequently.

Andy purchased his first economic textbook in 2002 for $78.00. CPI in 2002 was 145.9, and 180.3 in 2017. What's the 2002 economic textbook cost equivalent value in 2017?

96.39

Market consists of

Both buyers and sellers

Which is the largest component of GDP for US economy?

C

If the world price is higher than the domestic price

Country should engage in export of the good Country has a comparative advantage of the good both (correct)

Which of the following economy is operating under the centrally planned economy?

Cuba

During recession, which type of unemployment tend to increase?

Cyclical unemployment

Refer to the figure, which arrow represents the flow of income payments?

D

A movement downward and to the right along the demand curve is called

Decrease in quantity demanded

At price of $16, if company wants to increase total revenue, it should

Decrease price

Suppose quantity demanded increases by 20%, price decrease by 10%, the price elasticity of demand for this good is

Elastic and equal to 2

Which of the following is a final good?

Flour purchased by household to make birthday cake.

The term "invisible hand" refers to

Free market

Andy quit his previous job when he relocated from Texas to Kansas. What type of unemployment is this?

Frictional unemployment

Suppose the government imposes a tax of P' - P'''. Which area is the government tax revenue?

K+L

Which of the following is the correct formula for labor-force participation rate?

Labor force divided by population

If income elasticity is positive, this good must be

Normal good

If the income increase lead to demand increase, this implies that the good is

Normal goods

Which of the following is a good indicator of future inflation?

PPI

Inflation can be measured by the

Percentage change in the consumer price index

At which point is the economy producing efficiently?

R

Which one of the following is not a type of unemployment?

Recessional unemployment

Which one of the following describe unemployment due to outsourcing where companies move the jobs oversea for cheaper labor?

Structural unemployment

When tax is imposed on a good or service,

The demand curve or the supply curve shift left.

If the government imposes a price floor of $90 in this market, then the consumer surplus will be

$225

With free trade, consumer surplus is

$320

The table below contain an economy in which typical consumer's basket consists of 20 bushels of corn and 15 bushels of apple. What is the basket value of 2017?

$410

The table below contain an economy in which typical consumer's basket consists of 20 bushels of corn and 15 bushels of apple. What is the basket value of 2018?

$480

Without trade, producer surplus is

$845

At equilibrium price, consumer surplus is

$900

At equilibrium price, producer surplus is

$900

If the government imposes a minimum wage of $6, how many workers will be unemployed?

0

What is the GDP deflator in 2011?

116.67

What is the GDP deflator in 2013?

143.32

The country of Panem produces only bow and arrow. Quantities and prices of these goods for the last several years are shown below. The base year is 2010. What is the inflation rate in 2011?

16.67%

When government impose a tax of $10, what is the tax burden on buyers

1800

What's the opportunity of corn in Argentina?

2/3 Fish

If the consumer price index was 98 in 2013, 99 in 2014, 100 in 2015, 102 in 2016, then the base year must be

2015

Andy's brought a Ford Mustang in 2003 for $24,000. CPI in 2003 was 180.3, today's CPI is 201.5. What's 2003 Mustang in today' value?

26821.96

What is the opportunity cost to Footlocker of increasing the production of shoes from 600 to 800?

400 socks

The country of Panem produces only bow and arrow. Quantities and prices of these goods for the last several years are shown below. The base year is 2010. What is the nominal GDP for 2011?

4200

If the nominal interest rate is 9 percent, inflation rate is 4 percent, then the real interest rate is

5%

It is possible for this economy to produce

60 dryers and 50 washers 40 dryers and 70 washers 40 dryers and 50 washers All of the above (correct)

Suppose the French adult population is 38.8 million, labor force is 25.4 million, and employed is 22 million. What's the French labor force participation rate and unemployment rate?

65.5% and 13.4%

What is the opportunity cost to Footlocker of increase the production of shoes from 400 to 800?

700 socks