Ask Question, Ask an Expert

+1-415-315-9853

info@mywordsolution.com

Ask Microeconomics Expert

problem 1) Difference between a country's Gross National Product (GNP) and its Gross Domestic product (GDP) is:

(a) GNP refers to production within nation whereas GDP refers to production by domestic factors no matter where they are located.
(b) GNP is always bigger than GDP.
(c) GDP refers to production within the nation whereas GNP refers to production by domestic factors no matter where they are located.
(d) Two of the above are true.

problem 2) Which of the following is true:

(a) Much of the trade of European Union (EU) countries is with EU countries.
(b) Industrialized countries tend to trade relatively little and largely with developing countries.
(c) Developing countries in Africa and South America tend to trade the most and largely with themselves.
(d) All of the above are true.

problem 3) Which analysis by economists refers to attempt to answer problems like find the effects of a tax on production and consumption decisions?

(a) Positive
(b) Negative
(c) Normative
(d) Investigative

4-6 problems based on the given PPF.

2427_PPF.jpg

problem 4) Relative price of S (in terms of T), PS/PT, is:

(a) 2.
(b) ½.
(c) 500.
(d) 1000.

problem 5) Relative price of T (in terms of S), PT/PS, is:

(a) 2.
(b) ½.
(c) 500.
(d) 1000.

problem 6) If relative price of T were to increase, then price line will:

(a) shift out in a parallel fashion.
(b) shift in a parallel fashion.
(c) become steeper.
(d) become flatter.

problem 7) In autarky, when community maximizes its standard of living, its consumption point is:

(a) below the production possibility frontier.
(b) on the production possibility frontier.
(c) above the production possibility frontier.
(d) can’t tell without more information.

problems 8-10 based on the diagram given below:

917_Equilibrium point.jpg

problem 8) In autarky, economy will be in general equilibrium at point:

(a) I.
(b) D.
(c) E.
(d) F.

problem 9) If tastes were to change so that S became more preferred relative to T, then, in autarky, production and consumption will move from their initial equilibrium to a point:

(a) C.
(b) D.
(c) E.
(d) F.

problem 10) Which of the it is true:

(a) Relative price of S is higher at G than at D.
(b) Relative price of T is higher at C than at F.
(c) A move from C to D would raise community satisfaction.
(d) All of the above are true.

Microeconomics, Economics

  • Category:- Microeconomics
  • Reference No.:- M97351

Have any Question? 


Related Questions in Microeconomics

1 please prove that two indifferent curve cannot cross each

1. Please prove that two indifferent curve cannot cross each other. 2. Please solve the following maximization problem u = √x 1 + x 2 max√x 1 + x 2 , st, p 1 x 1 + p 2 x 2 ≤ m 3. a. When prices are (p 1 , p 2 ) = (1, 2) ...

Assignmentthere is the widespread notion that economists

Assignment There is the widespread notion that economists rarely agree with each other. This seems perplexing when we note also that economics is often called the "Queen of the Social Sciences" (meaning that it is the mo ...

Essay questionyour manager knows that you have completed a

Essay Question Your manager knows that you have completed a course in Purchasing and Materials Management. Your manager would like you to write an essay for your fellow workers about the key purchasing/ supply management ...

Fiscal policy modulewhich has a larger effect on aggregate

Fiscal Policy Module Which has a larger effect on aggregate demand: an increase in government expenditure or an equal-sized decrease in taxes? Explain your answer. To eliminate a recessionary gap, which fiscal policy sho ...

Economic term paperempirical project the research project

Economic Term Paper Empirical Project The research project should be about 10 pages and should explain your data collection, model, and findings. The project (due by the final exam date) is worth 30% of your final grade. ...

Can you write a great paper on a research economic topic10

Can you write a great paper on a Research economic topic 10 page paper Including abstract, introduction, content and conclusion, reference. You can choose any economic topics and analyze the issue from your own perspecti ...

Assignmentfirms use inputs workers machinery natural

Assignment Firms use inputs (workers, machinery, natural resources) to produce outputs (goods and services). For example: General Motors uses steel, rubber and other materials to create automobiles. A pizza restaurant tu ...

Iowa elevatorsresponses will be in a compact format the

Iowa Elevators Responses will be in a compact format. The content of the papers should not exceed three pages in length, excluding the title page, executive summary, or any references. Title Page: Executive Summary: Give ...

Discussion questionplease read thoroughly and provide

Discussion Question Please read thoroughly and provide references • Manufactures of smartphones design products to be interactive with consumers. To remain competitive, designers are focused on getting a new product to m ...

Question 1which of the following has not been identified as

Question 1 Which of the following has NOT been identified as a basic consumer right? Consumers have a right to safe products. Consumers have a right to collude. Consumers have a right to be informed about a product. Cons ...

  • 4,153,160 Questions Asked
  • 13,132 Experts
  • 2,558,936 Questions Answered

Ask Experts for help!!

Looking for Assignment Help?

Start excelling in your Courses, Get help with Assignment

Write us your full requirement for evaluation and you will receive response within 20 minutes turnaround time.

Ask Now Help with Problems, Get a Best Answer

Section onea in an atwood machine suppose two objects of

SECTION ONE (a) In an Atwood Machine, suppose two objects of unequal mass are hung vertically over a frictionless

Part 1you work in hr for a company that operates a factory

Part 1: You work in HR for a company that operates a factory manufacturing fiberglass. There are several hundred empl

Details on advanced accounting paperthis paper is intended

DETAILS ON ADVANCED ACCOUNTING PAPER This paper is intended for students to apply the theoretical knowledge around ac

Create a provider database and related reports and queries

Create a provider database and related reports and queries to capture contact information for potential PC component pro

Describe what you learned about the impact of economic

Describe what you learned about the impact of economic, social, and demographic trends affecting the US labor environmen