ECN 211 Study Guide - Final Guide: Opportunity Cost, Alpha Beta, Aggregate Demand
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Q1) if the money supply is , the price level is and real gdp equals then the velocity of circulation is___ and nominal gdp is_________: 5, ,000, 5, , 1/10, , 10, , 10, ,000. [b] 20 units of sugar and 10 units of coffee. [d] 20 units of coffee and 10 units of sugar. Country x gives up 2/3 of sugar for 1 coffee and 1. 5 coffe for 1 sugar. Country y gives up 1 sugar for 1 coffee and 1 coffee for 1 sugar. Country x has the comparative advantage in producing coffee. Country y has a comparative advantage in producing sugar. Country x produces 200 coffee and country y produces 150 sugar. Q3) according to the table above, the opportunity cost of a microchip in alpha is __________ units of beef, and the opportunity cost of a microchip in beta is __________ units of beef.
