most missed questions ECO 202

Evan purchases a wall calendar for $9, and his consumer surplus is $1. How much is Evan willing to pay for the wall calendar?

$10

Figure 30-2 In the graph, MS represents the money supply and MD represents money demand. The vertical axis is the value of money measured as 1/P and the horizontal axis is the quantity of money. If the relevant money-demand curve is the one labeled MD2, then the equilibrium value of money is

0.61 and the equilibrium price level is 1.6.

The steps involved in calculating the consumer price index and the inflation rate, in order, are as follows:

Fix the basket, find the prices, compute the basket's cost, choose a base year and compute the index, and compute the inflation rate

Which of the following countries has had the greatest growth rate of real GDP per person within the last 10 years?

Germany

Which of the following statements accurately describes catch-up growth?

In one generation, China will be one of the richest countries in the world, if China's GDP per person continues to grow 9% per year.

Which of the following is an example of a nonrenewable resource?

Livestock

Which of the following is correct?

Nominal and real interest rates do not always move together

From 1960 to 1990, in which of the following countries has investment resulted in economic growth sufficiently higher than that in the United States?

South Korea

When the consumer price index falls, the typical family

can spend fewer dollars to maintain the same standard of living

Which of the following increases when the Fed makes open-market sales?

either currency nor reserves

Figure 32-3 Refer to the following diagram of the open-economy macroeconomic model to answer the questions that follow. Refer to Figure 32-3. National saving is represented by the

supply curve in graph (a)

In the open-economy macroeconomic model, the market for loanable funds equates national saving with

the sum of domestic investment and net capital outflow

Refer to Table 5-3. Using the midpoint method, the income elasticity of demand for good Y is

−2.33, and good Y is an inferior good