Economics GMAS Review 2016

Why would Brazil trade bananas for wheat in the United States?

If a person pursues an advanced degree

One dollar is worth .81 pounds. Which of the following is true?

Which of the following would be an argument for free trade?

If there is an increase in demand for pizzas,

Which of the following would NOT be a reason why salt is inelastic?

If an economist wanted to measure inflation, which instrument would work best?

A patent will protect

The point in the business cycle where GDP has increased to its highest point.

Land, labor, capital, and entrepreneurship are exchanged in the

How does a market economy answer the economic question "For Whom?"

Which of the following would be an example of underutilization when producing cards and trucks?

The United States refuses to trade with Cuba due to political reasons. This is an example of

Which of the following is the biggest component of GDP?

If a company purchases new machines and trains its employees, you will see

Fast food companies such as Burger King and McDonalds belong to this market structure.

The side effect of creating a price ceiling for apartments is

If the FED implements a expansionary monetary policy, then

Which of the following would be an example of a marginal cost?

What would be the opportunity cost of choosing track over soccer?