The Mint Act of 1792, following the ideas of Thomas Jefferson and Robert Morris, set the U.S. up as
(a) a silver standard country.
(b) a paper-money country.
(c) a gold-standard country.
(d) a bimetallic country.
(d)
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A prisoner's dilemma illustrates situations in which:
A. resources with the lowest opportunity cost should be used first. B. there is a conflict between the narrow self-interest of individuals and the broader interests of a group. C. everyone does best when each person specializes in the activities in which he or she has a comparative advantage. D. efficiency is an important social goal.
President George W. Bush used part of the budget surplus inherited from the Clinton administration to
A) stimulate the economy that was slowing down following the end of the high-tech investment boom. B) fund tax cuts. C) increase government entitlement spending. D) both A and B.
When a product benefits people other than the buyer of the product, the product is said to have
A) an external cost. B) an excludable cost. C) an external benefit. D) an excludable benefit. E) a subsidized benefit.
A production point beyond the production possibilities frontier represents what?
What will be an ideal response?