Refer to the above graph. The marginal opportunity cost of the fourth unit of bread is:
A. 1 unit of drill presses.
B. 2 units of drill presses.
C. 3 units of drill presses.
D. 4 units of drill presses.
Answer: D
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The annual statement of the outlays, tax revenues, and surplus or deficit of the government of the United States is the federal
A) budget. B) deficit record. C) debt to the public. D) spending. E) surplus record.
Which statement is true?
A. The Fed failed to perform its lender of last resort job after the emergency created by the terrorist attacks on 9/11. B. Thanks to the Check Clearing for the 21st Century Act, the use of checks as a medium of exchange should disappear within a few years. C. The Chinese government and central bank has a significant influence over long-term interest rates in the U.S. D. The Fed changes the federal funds rate in exactly the same manner in which it changes the discount rate.
Clara states that "there is a high correlation between the level of people's education and the level of their income." Ellie replies that the correlation occurs because "more education is the best way to earn more income in this country."
a. Both Clara's and Ellie's statements are positive b. Clara's statement is normative and Ellie's statement is positive c. Both Clara's and Ellie's statements are normative d. Clara's statement is positive and Ellie's statement is normative
Fiscal policy influences the levels of income and employment
A. through regulatory controls designed to stimulate business investment. B. through antitrust enforcement. C. through presidential and congressional "jawboning" (speeches and related verbal exhortations) designed to promote economic growth. D. through changes in taxes, transfers, and expenditures.