Question 14 Assume the economy of Scoob can produce 5 tons of rice and 15 tons of wheat while the economy of Widgland can produce 10 tons of rice and 20 tons of wheat. Which of the following is FALSE? O The opportunity cost of 1 ton of wheat in Scoob is 0.33 O The opportunity cost of 1 ton of wheat in Widgland is 0.5 O The opportunity cost of 1 ton of rice is Scoob is 3 O The opportunity cost of 1 ton of rice in Widgland is 0.5 Question 15 Which of the following changes will NOT shift the US production possibility curve to the right? O An increase in the US labor force O A global health pandemic O Development of a new fertilizer for corn O Discovery of new oil deposits in Texas Question 16 Assume that in 2019 the nominal GDP in Scoob was $ 20 trillion and in 2020 the nominal GDP was $24 trillion. What was the growth rate of nominal GDP between in 2020? (give your answers rounded to I decimal place) O 10.0% O 20.0% O 16.7% O 83.3% Question 17 The economy of Scoob has just experienced a recession and the government has decided to institute a tax cut to boost spending and revamp the economy. However it takes 4 weeks for the tax cut bill to go through congress. The time it takes to pass the bill is an example of O A recognition lag O An adminstrative lag O An operational lag O Crowding out
Question 14 Assume the economy of Scoob can produce 5 tons of rice and 15 tons of wheat while the economy of Widgland can produce 10 tons of rice and 20 tons of wheat. Which of the following is FALSE? O The opportunity cost of 1 ton of wheat in Scoob is 0.33 O The opportunity cost of 1 ton of wheat in Widgland is 0.5 O The opportunity cost of 1 ton of rice is Scoob is 3 O The opportunity cost of 1 ton of rice in Widgland is 0.5 Question 15 Which of the following changes will NOT shift the US production possibility curve to the right? O An increase in the US labor force O A global health pandemic O Development of a new fertilizer for corn O Discovery of new oil deposits in Texas Question 16 Assume that in 2019 the nominal GDP in Scoob was $ 20 trillion and in 2020 the nominal GDP was $24 trillion. What was the growth rate of nominal GDP between in 2020? (give your answers rounded to I decimal place) O 10.0% O 20.0% O 16.7% O 83.3% Question 17 The economy of Scoob has just experienced a recession and the government has decided to institute a tax cut to boost spending and revamp the economy. However it takes 4 weeks for the tax cut bill to go through congress. The time it takes to pass the bill is an example of O A recognition lag O An adminstrative lag O An operational lag O Crowding out
Chapter2: Productions Possibilities, Opportunity Costs, And Economic Growth
Section: Chapter Questions
Problem 6SQP
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Transcribed Image Text:Question 14
Assume e economy of Scoob can produce 5 tons of rice and 15 tons of wheat while the economy of Widgland can produce 10 tons of rice and 20 tons of wheat. Which of the following is FALSE?
O The opportunity cost of 1 ton of wheat in Scoob is 0.33
O The opportunity cost of 1 ton of wheat in Widgland is 0.5
O The opportunity cost of 1 ton of rice is Scoob is 3
O The opportunity cost of 1 ton of rice in Widgland is 0.5
Question 15
Which of the following changes will NOT shift the US production possibility curve to the right?
O An increase in the US labor force
O A global health pandemic
O Development of a new fertilizer for comm
O Discovery of new oil deposits in Texas
Question 16
Assume that in 2019 the nominal GDP in Scoob was $ 20 trillion and in 2020 the nominal GDP was $ 24 trillion. What was the growth rate of nominal GDP between in 2020? (give your answers rounded to 1 decimal place)
O 10.0%
Ⓒ 20.0%
O 16.7%
O 83.3%
Question 17
The economy of Scoob has just experienced a recession and the government has decided to institute a tax cut to boost spending and revamp the economy. However it takes 4 weeks for the tax cut bill to go through congress. The time it takes to pass the bill is an example of:
O A recognition lag
O An adminstrative lag
O An operational lag
O Crowding out
Question 18
Congress finances a budgetary deficit by:
O Raising taxes
O Printing money
O Lowering taxes
O Selling bonds
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