Which of the following would not be studied in microeconomics?
A. Whether to study or watch TV tonight.
B. Whether the federal budget should be balanced.
C. How an early freeze in California will affect the price of fruit.
D. How individual firms decide how much to produce.
Answer: B
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Which of the following is true of resources?
A. Resources are outputs from the production of goods and services. B. A $1,000 investment is an example of a capital resource. C. Entrepreneurship organizes resources to produce goods and services. D. Land resources do not include water.
Which of the following is an automatic stabilizer that moves the federal budget toward deficit during an economic contraction and toward surplus during an economic expansion?
A. Congress votes for a federal investment in infrastructure. B. corporate subsidies for green energy investments C. unemployment benefits D. a stimulus package that reduces personal income taxes
Suppose a one-year discount bond offers to pay $1000 in one year and currently sells for $950. Given this information, we know that the interest rate on the bond is
A) 5.3%. B) 9.5%. C) 10%. D) 90%. E) 110%.
Periods of less than full employment correspond to
A. points underneath the ppf. B. points on the ppf. C. either points inside or outside the ppf. D. points outside the ppf.