Queuing, or waiting in line, is an alternative rationing mechanism to price rationing.
Answer the following statement true (T) or false (F)
True
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Suppose the government's initial debt is $350 billion and that during the next two years the government runs deficits of $90 and $40 billion
If during the third year the government has a $70 billion surplus, the government's total debt at the end of the three years will be A) $60 billion. B) $200 billion. C) $410 billion. D) $550 billion.
Many people believe that the study of economics is focused on money and financial markets. Based on your reading of the chapter, how would you define economics?
What will be an ideal response?
Which statement is false?
A. Crime and drugs are central to the ghetto culture. B. Ghetto residents are more likely to be street crime victims than middle class people. C. A basic way to reduce crime would be to alleviate poverty. D. None of these statements are false.
Assume that the farmer and the rancher can switch between producing pork and producing tomatoes at a constant rate. Labor Hours= 1 lb Lbs produced in 24hrs Pork. Tomatoes. Pork. Tomatoes F. 6. 3. 4. 8 R. 4. 4. 6. 6
Refer to Table 3-23. The opportunity cost of 1 pound of pork for the farmer is
a) 1/2 pounds of tomatoes
b) 1/2 hour of labor
c) 2 pounds of tomatoes
d) 2 hours of labor