Refer to the accompanying figure. Growing 1,000 bushels of wheat and no bushels of corn each year is:
A. efficient and attainable.
B. inefficient but attainable.
C. inefficient and unattainable.
D. efficient but unattainable.
Answer: A
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A large farm uses fertilizer that nearby landowners complain may contaminate their water. Tests are conducted and contaminants are found. The costs resulting from this decision are referred to as
A) implicit costs. B) factor costs. C) external costs. D) opportunity costs.
After watching a movie, Alan chooses not to watch a second and goes for a walk instead. Economists could explain his choices using the concept of:
A. budget constraints. B. diminishing marginal utility. C. income effect. D. substitution effect.
Which of the following is a way in which Social Security benefits could be cut?
A. An increase in the rate of inflation B. A smaller penalty for early retirement C. An increase in the payroll tax rate D. A higher retirement age
(amounts in billions of dollars)
According to the above table, Gross Domestic Product as calculated by the expenditure approach is
A. $13,384 billion. B. $13,617 billion. C. $13,278 billion. D. $14,337 billion.