Author Question: Refer to Table 19-6. Consider the table of production and price statistics for a small economy in ... (Read 172 times)

krzymel · **on:** Jun 29, 2018

Refer to Table 19-6. Consider the table of production and price statistics for a small economy in 2013. If the economy only produces the four goods listed below, what is GDP for 2013?

A) 428,000 B) 267,000 C) 24,000 D) 1,424

Question 2

Refer to Figure 17-3. In Panel A, at high wages (segment iii)

A) the price of leisure is rising relative to the price of labor.
B) laborers work more as wages increase.
C) the price of leisure is falling relative to the price of labor.
D) labor suppliers take more leisure as wages increase.