(03.06 MC) Assume that production in a country was affected because of a drought. Which of the following statements would be true in this scenario?

(02.04 MC) A consumer price index going from 140 in year 1 to 130 in year 2 means the economy is experiencing

(03.01 LC) Which of the following is represented by the negative slope of the aggregate demand curve?

(01.01–01.03, 05.06 HC) Assume that Atlantis and the Mushroom Kingdom use equal resources to produce consumer and capital goods, as illustrated in the table below showing maximum possible production figures. Country Capital Goods Consumer Goods Atlantis 60 units 180 units Mushroom Kingdom 20 units 100 units Draw a fully labeled production possibility curve for Atlantis. Place capital goods on the vertical axis and consumer goods on the horizontal axis. Assume constant opportunity cost. On your graph from part (a), label an inefficient point of production I, an efficient point of production E, and an unattainable point of production U. Which country has the comparative advantage in the production of capital goods? Explain. If Atlantis shifted from producing 10 units of capital goods and 150 units of consumer goods to producing 24 units of capital goods and 108 units of consumer goods, what would be the impact on its economic growth in the long run? Based on the data table, what range of capital goods could be traded for 15 units of consumer goods that would be mutually beneficial?

(04.05 MC)Question refers to the excerpt below.”But if slaves were allowed to redeem themselves progressively, by purchasing one day of the week after another, as they can in the Spanish colonies, habits of industry would be gradually formed, and enterprise would be stimulated, by their successful efforts to acquire a little property. And if they afterward worked better as free laborers than they now do as slaves, it would surely benefit their masters as well as themselves…But the slave holders try to stop all the efforts of benevolence, by vociferous complaints about infringing upon their property; and justice is so subordinate to self-interest, that the unrighteous claim is silently allowed, and even openly supported, by those who ought to blush for themselves, as Christians and as republicans.”Source: Lydia Maria Child, An Appeal in Favor of that Class of Americans called African, 1833The arguments in this excerpt best represent the ideas of

(04.02 LC)The provisions established by Pinckney’s Treaty were important to the development of United States commerce because they

(02.01 LC) Which of the following is true about nominal GDP?

(05.01 MC)Question refers to the excerpt below.”We have not sought to extend our territorial possessions by conquest, or our republican institutions over a reluctant people. It was the deliberate homage of each people to the great principle of our federative union. If we consider the extent of territory involved in the annexation, its prospective influence on America, the means by which it has been accomplished, springing purely from the choice of the people themselves to share the blessings of our union, the history of the world may be challenged to furnish a parallel…We may rejoice that the tranquil and pervading influence of the American principle of self-government was sufficient to defeat the purposes of British and French interference…From this example European Governments may learn how vain diplomatic arts and intrigues must ever prove upon this continent against that system of self-government which seems natural to our soil, and which will ever resist foreign interference.”Source: James Polk, from the State of the Union Address, December 2, 1845After this State of the Union Address, the statement that the annexation of Texas was born of a “choice of the people themselves to share the blessings of our union” was

(03.08 LC) Which of the following best explains the reason for the lags in discretionary fiscal policy?

(04.03 MC) The function of money as a store of value is explained by which of the following statements?