1.

Specialization and trade can take place only if a country is endowed with more of something compared to other countries.

Group of answer choices

True

False

2.

The following table shows the macroeconomic data in a given country in 2019.

Table 13

Item

Amount in dollars

(billions)

Consumption

8,224

Consumption of Durable Goods

2,460

Consumption of Non Durable Goods

2,550

Consumption of Services

3,214

Investment

2,585

Fixed Investment

1,360

Other Investment

1,225

Government purchases of Goods & Services

1,867

Imports

1,120

Exports

1,357

Refer to Table 13.What is the value of GDP in this country in 2019?

Group of answer choices

$12,913

$12,224

$12,439

$23,722

$25,962

3.

Jose has one evening in which to prepare for two exams and can employ one of two possible strategies:

Strategy

Score in Economics

Score in Statistics

A

94

79

B

77

93

The opportunity cost of receiving a 94 on the economics examis __________ points on the statistics exam.

Group of answer choices

79

17

11

93

14

4.

PointProduction chocolate barsProduction cans of cola

A0100

B1090

C2070

D3040

E400

The above table shows production points on Sweet-Tooth Land's production possibilities frontier. A movement from ________ represents the greatest opportunity cost of increasing chocolate bar production.

Group of answer choices

point B to point C

point C to point D

point A to point B

point D to point E

5.

Scenario 5:

Consider an island country called Sierraland. Of 2,177 adults surveyed in this country in 2019, 395 are not working.The status of those not working is as follows:

71 full-time students;

52 discouraged workers;

95 actively seeking employment;

87 retirees;

90 others.

6.

Refer to Scenario 5. What is the official unemployment rate in this country in 2019?

Group of answer choices

5.06%

4.36%

7.62%

6.75%

18.14%

The accompanying table (Table 14) provides data on the consumer price index (CPI) from 2015 to 2019.

Table 14

YearsConsumer Price Index (CPI)2015145.72016152.52017158.42018161.82019165.2

If Johnny's salary was $116,744 in 2015, what is the minimum salary he must earn in year 2018 to "keep up with inflation"?

Group of answer choices

$129,644.3

$132,368.6

$192,861.1

$188,891.8

$119,249.9