Figure 5-4
Refer to . The efficient price and quantity are
a.
$1.90 and 38 units, respectively.
b.
$1.80 and 35 units, respectively.
c.
$1.60 and 42 units, respectively.
d.
$1.35 and 58 units, respectively.
b
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If the budget line shifts from BB to bb in the above diagram we can infer that the:
A) price of Y has increased and the price of X has decreased. B) price of Y has decreased and the price of X has increased. C) prices of both X and Y have increased. D) prices of both X and Y have decreased.
Nations such as Egypt and Turkey may have wide differences between GNP and GDP because both the countries
A) have a high level of imports and exports relative to GNP. B) have a large portion of their GNP produced by multinational corporations. C) have a large number of citizens working abroad. D) purchase large amounts of military wares from other countries.