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CHAPTER 1 Figure 2 1 1 PPC ABCDE is bowed out from the origin because A The marginal benefit of pizzas declines as more pizzas are consumed B The curve gets steeper as we move from E to A C It reflect.

CHAPTER Figure 2.1 A B C D A B C D A B C D A B C D PPC ABCDE is bowed out from the origin because: The marginal benefit of pizzas declines as more pizzas are consumed The curve gets steeper as we move from E to A It reflects the law of increasing opportunity costs Resources scare The marginal opportunity cost of the second unit pizza is: units of robots units of robots units of robots units of robots The total opportunity cost of units of robots is: unit of pizza units of pizza units of pizza units of pizza All points on this production possibilities curve necessarily represent: Society’s optimal choice Less than full use of resources Unattainable levels of output Full employment Figure 2.2 A B C D A B C D A B C D A B C D The resource market is the place where: Households sell products and businesses buy products Businesses sell resources and HH sell products HH sell resources and B buy resources (or the services of resources) B sell resources and HH buy resources (or the services of resources) Which of the following would be determined in the product market A manager’s salary The price of equipment used in a bottling plant The price of 80 acers of farmland The price of a new pair of athletic shoes In this circular flow diagram A money flows counterclockwise Resources flow counterclockwise Gs and Ss flow clockwise HH are on the selling side of the product market In this circular flow diagram HH spend income in the product market Firms sell resources to HH HH receive income through the product market HH produce goods a b c d e f Macro Micro Macro Marco Micro Macro CHAPTER Which of the following transactions would count in GDP? a Kerry buys a new sweater to wear this winter b Patricia receives a Social Security check c Roberto gives his daughter $50 for her birthday d Latika sells $1,000 of General Electric stock e Karen buys a new car f Amy buys a used car  Answer: a, e Which of the following are usually intermediate goods and which are usually final goods? a Running shoes: final goods b Cotton fibers: intermediate goods c Watches: final goods d Textbooks: final goods e Coal: intermediate goods f Sunscreen lotion: final goods g Lumber: intermediate goods Tina walks into Ted’s sporting goods store and buys a punching bag for $100 That $100 payment counts as for Tina and _ for Ted a Income; expenditure b Value added; multiple counting c Expenditure; income d Rents; profits Suppose that this year a small country has a GDP of $100 billion Also assume that Ig = $30 billion, C = $60 billion, and Xn = − $10 billion How big is G? a $0 b $10 billion c $20 billion d $30 billion Suppose GDP is $16 trillion, with $10 trillion coming from consumption, $2 trillion coming from gross investment, $3.5 trillion coming from government expenditures, and $500 billion coming from net exports Also suppose that across the whole economy, depreciation (consumption of fixed capital) totals $1 trillion From these figures, we see that net domestic product equals: a $17.0 trillion b $15.5 trillion c $16.0 trillion d None of the above Suppose GDP is $15 trillion, with $8 trillion coming from con-sumption, $2.5 trillion coming from gross investment, $3.5 tril-lion coming from government expenditures, and $1 trillion coming from net exports Also suppose that across the whole economy, personal income is $12 trillion If the government collects $1.5 trillion in personal taxes, then disposable income will be: a $13.5 trillion b $10.5 trillion c $12.0 trillion d None of the above CHAPTER CHAPTER If real GDP grows at percent per year, then real GDP will double in approximately years a 70 b 14 c 10 d In 1820 living standards in various places around the globe were _ they are today a More widely varying than b Just as widely varying as c Less widely varying than True or False: Countries that currently have low real GDPs per capita are destined to always have lower living standards than countries that currently have high real GDPs per capita  False Suppose an economy’s real GDP is $30,000 in year and $31,200 in year What is the growth rate of its real GDP? 4% Assume that population is 100 in year and 102 in year What is the growth rate of real GDP per capita? 2%