Refer to the accompanying figure. The opportunity cost of producing one bushel of corn is:
A. ½ of a bushel of wheat.
B. 500 bushels of wheat.
C. 250 bushels of wheat.
D. 2 bushels of wheat.
Answer: D
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During the start of an expansion, aggregate planned expenditure
A) exceeds real GDP. B) decreases the magnitude of the expenditure multiplier. C) increases the magnitude of the expenditure multiplier. D) is slowly decreasing. E) is less than real GDP.
In 2001, Pablo earned $200 per week at his job. In 2011, Pablo earned $240 per week. If the CPI in 2001 was 100 and the CPI in 2011 was 152, then
A) Pablo was better off in 2011 because his weekly wage was higher. B) the 2001 wage measured in 2011 dollars is $157.89. C) the 2011 wage measured in 2001 dollars is $157.89. D) the 2001 wage measured in 2011 dollars is $131.58. E) the 2001 wage measured in 2011 dollars is $100.