________ is an income measured in terms of the goods and services it can buy; real income changes when the price changes?
a) Law demand
b) Real income
Ans: b) Real income
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In the figure above, if the government provides the efficient amount of education, how many students will be accepted?
A) 8 million per year B) 12 million per year C) 10 million per year D) 16 million per year
A consumer buys food (F) and shelter (S). If the consumer's income rises and there is no change in the prices of F or S, the marginal rate of transformation of F for S will
A) increase. B) decrease. C) stay the same. D) change, but there is not enough information to know how.
Which of the following statements best describes productive efficiency?
a. Productive efficiency occurs when as additional increments of resources are added to produce a good or service, the marginal benefit from those additional increments decline. b. Productive efficiency occurs when it is impossible to produce more of one good (or service) without decreasing the quantity produced of another good (or service). c. Productive efficiency occurs when a country can produce a good at a lower cost in terms of other goods or when a country has a lower opportunity cost of production. d. Productive efficiency occurs when the mix of goods being produced represents the mix that society most desires.
The ______ believed that our economy was self-regulating and argued against government interference with its operations.
A. classical economists B. supply-side economists C. Keynesians D. economic behaviorists