Refer to the data for a private closed economy. If gross investment is $12 billion, the equilibrium level of GDP will be:

If the U.S. dollar buys 50 Japanese yen, and 50 yen buy 75 Russian rubles, and 75 rubles buy 300 Israeli shekels, and the exchange rate of the dollar for the shekel is below 300,

a. there is an arbitrage opportunity b. the demand for all currencies (yen, ruble, shekel, dollar) will increase c. the market is in equilibrium d. the supply of all currencies (yen, ruble, shekel, dollar) will increase e. there is no possibility for arbitrage

Which of the following is an example of market "production," as used by economists?

A) Garvey takes out a low-cost government loan to start his pet-sitting business. B) Heidi makes a pizza for her family's dinner. C) Katrina works as a cashier at the local produce stand. D) The theatre and film studies department in Fine Art's College stages a play at the local theatre.