Cleaning an environment may lead to:
a. less production.
b. higher prices
c. lower incomes.
d. all of the above.
d
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If it is a cultural norm to practice an afternoon "siesta" (nap), it is likely that the labor:
A. demand in that culture would be relatively greater at any wage. B. demand in that culture would be relatively lower at any wage. C. supply in that culture would be relatively greater at any wage. D. supply in that culture would be relatively lower at any wage.
Only at the point of consumer equilibrium does the marginal rate of substitution (MRS) equal the:
a. slope of the budget line. b. slope of the indifference curve. c. price ratio. d. all of these.
From 2009 to 2012, the federal budget deficits were the largest budget shortfalls since World War II. The primary reason for the record-large deficits was
a. the recession experienced during this time. b. severe budget tightening by members of Congress. c. the shift in political power from Republicans to Democrats. d. All of the above are correct.
An economy operating on its production possibilities frontier is:
a. wasting resources. b. efficient. c. inefficient.