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
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
Related questions
Question
please zoom in to see
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
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
Step by step
Solved in 4 steps
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, economics and related others by exploring similar questions and additional content below.Recommended textbooks for you
Principles of Economics (12th Edition)
Economics
ISBN:
9780134078779
Author:
Karl E. Case, Ray C. Fair, Sharon E. Oster
Publisher:
PEARSON
Engineering Economy (17th Edition)
Economics
ISBN:
9780134870069
Author:
William G. Sullivan, Elin M. Wicks, C. Patrick Koelling
Publisher:
PEARSON
Principles of Economics (12th Edition)
Economics
ISBN:
9780134078779
Author:
Karl E. Case, Ray C. Fair, Sharon E. Oster
Publisher:
PEARSON
Engineering Economy (17th Edition)
Economics
ISBN:
9780134870069
Author:
William G. Sullivan, Elin M. Wicks, C. Patrick Koelling
Publisher:
PEARSON
Principles of Economics (MindTap Course List)
Economics
ISBN:
9781305585126
Author:
N. Gregory Mankiw
Publisher:
Cengage Learning
Managerial Economics: A Problem Solving Approach
Economics
ISBN:
9781337106665
Author:
Luke M. Froeb, Brian T. McCann, Michael R. Ward, Mike Shor
Publisher:
Cengage Learning
Managerial Economics & Business Strategy (Mcgraw-…
Economics
ISBN:
9781259290619
Author:
Michael Baye, Jeff Prince
Publisher:
McGraw-Hill Education