Refer to the above diagram. If the production possibilities curve of an economy shifts from AB to EF, it is most likely the result of what factor affecting economic growth?
A. An efficiency factor.
B. A demand factor.
C. An allocation factor.
D. A supply factor.
Answer: D
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Cigarettes served as money in some prisoner of war (POW) camps during World War II. Given this, we would expect to observe
A) no one ever smoking a cigarette. B) prices of other goods expressed in terms of cigarettes. C) only government-issued cigarettes being accepted as money. D) people usually resorting to barter rather than using cigarettes as money.
If consumption behavior can be described as C = 50 + .8Y, then the saving function is
A) S = 50 + .2Y. B) S = -50 + .2Y. C) S = -50 + .8Y. D) S = 50 + .8Y.
If tuna in the sea are open-access resources, they will be used until the marginal value of additional use equals
a. the marginal product of the resource b. the marginal revenue of the resource c. infinity d. negative infinity e. zero
Answer the following questions true (T) or false (F)
1. Between 1981 and 2015, deaths from cancer have increased in the United States. 2. Changes in the health of the average person are relatively unimportant as an indicator of changes in the standard of living. 3. Since 1981, deaths from cardiovascular diseases have decreased in the United States.