Relating to the Economics in Practice on page 253: Which of the following would be an expected result of increased government subsidies for ethanol, a fuel produced from corn?
A. decreases in the price of land used to farm grains other than corn
B. a decrease in the production of corn relative to other grains
C. an increase in the price of land used to farm corn
D. an increase in the price of gasoline made in part from ethanol
Answer: C
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If you want to know the present value of $10,000 received a year from today, and the interest rate is 4 percent, what formula can you use?
A) Present value equals $10,000 times 0.04. B) Present value equals 1.04 divided by $10,000. C) Present value equals $10,000 divided by 1.04 D) Present value equals $10,000 times 1.04.
The real cost of a decision is the opportunity cost measured in the commodities forgone
a. True b. False Indicate whether the statement is true or false
The expression "There's no such thing as a free lunch" means
a. if one person gains, someone else must lose. b. each person must pay for exactly what he or she receives. c. when scarce resources are used to produce one good they are unavailable to produce others. d. you cannot have a free lunch at the expense of someone else.
On average, for the last 100 years or more, real GDP per capita in the United States has increased by
A) 0.5% per year. B) 1% per year. C) 2% per year. D) 4% per year.