In the context of the production possibilities curve, opportunity cost is measured in:
a. dollars paid for the goods.
b. the quantity of other goods given up.
c. the value of the resources used.
d. changing technology.
e. units of satisfaction.
b
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Citizens of the country of Heehaw produce hay and provide entertainment services (banjo playing). In one year they produced $15 million worth of hay, with $11 million consumed domestically and the other $4 million sold to neighboring countries
They provided $7 million worth of banjo-playing services, $5 million in Heehaw, and $2 million in neighboring countries. They purchased $6 million worth of soda pop from neighboring countries. Calculate the magnitudes of GNP, GDP, net factor payments from abroad, net exports, and the current account balance.
The strengthening of the dollar between 1980 and 1985 contributed to a ________ in American competitiveness, putting pressure on the Fed to pursue a more ________ monetary policy
A) decrease; contractionary B) increase; expansionary C) increase; contractionary D) decrease; expansionary