In the above figure, the farmer faces a trade-off between beans and wheat equal to
A. one-to-one.
B. three-to-one.
C. one-to-four.
D. one-to-two.
Answer: D
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The supply curve is influenced by
A) the income of consumers. B) the number of customers in the market. C) the prices of the inputs required to produce the product. D) the expectations of future profit.
Macroeconomic models focus on the behavior of
a. individual households, business firms, and government agencies b. individual nations in the foreign trade sector c. the entire economy d. large industrial sectors, such as manufacturing e. individual business firms and government agencies
Recent studies suggest that a rise in the minimum wage results in a substantial cut in the demand for teen labor
a. True b. False Indicate whether the statement is true or false
What is personal income tax? On which principle does the federal government levy this tax?