An increase in the quantity of resources available
What will be an ideal response?
shifts the PPF rightward.
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Japan's currency is called Yen. The value of Japan's income per capita in dollars is high if ________
A) the value of Japan's income per capita in yen is low B) the income per capita of the U.S. is high C) the dollar/yen exchange rate is high D) the dollar/yen exchange rate is low
Refer to the above figure. Medicare subsidies have increased the price of medical services to Ps. Which of the following statements is TRUE about the effect the Medicare subsidy has had on the consumption of medical services?
A) The amount of medical services provided has decreased from Q0 to Qd as a result of the subsidy. B) The amount of medical services provided has increased from Q0 to QM as a result of the subsidy. C) The amount of medical services provided has increased from Qd to QM as a result of the subsidy. D) The amount of medical services provided has remained unchanged as a result of the subsidy.
In Munn v. Illinois (1877), the Supreme Court held that:
a. state laws limiting prices charged by grain elevators were a violation of the Fifth Amendment. b. grain elevator and freight prices could only be regulated by the federal government. c. states have a right to regulate businesses within the state that are "clothed with a public interest.". d. organizations like the Grangers violated federal conspiracy laws.
When computing gross domestic product, government services are valued at the
a. price consumers pay for them. b. value of the resources used to produce them. c. value of comparable outputs from the private sector. d. value of taxes collected from consumers.