A family on a trip budgets $800 for meals and gasoline. If the price of a meal for the family is $50, how many meals can the family buy if they do not buy any gasoline?
a. 8
b. 16
c. 24
d. 32
b
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Sam's company produces output with labor and capital. At the current quantities of labor and capital, the following information is obtained: the output produced by spending one more dollar on labor exceeds the output produced by spending one more
dollar on capital. In the long run, is Sam minimizing costs? If not, explain how capital and labor should change (holding output constant) and how this relates to the condition.
In economic theorizing, common sense will always lead to the correct answer.
Answer the following statement true (T) or false (F)
The foreign holdings of U.S. dollars
a. are hard to explain since the dollar is not legal tender outside the United States. b. have decreased substantially during the last decade. c. indicate that foreigners have confidence in the monetary policy and economy of the United States. d. are largely held in countries with a lengthy historical record of monetary and price stability.
Why might Congress actually prefer the higher rate of inflation that might result from deficit spending to higher taxes and/or a cut in government spending?
What will be an ideal response?