Refer to Figure 16.1. A decrease in the real price of capital goods is best represented by a movement from
A) point A to point B.
B) point B to point A.
C) point A to point C.
D) point C to point A.
D
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Figure 5-8
In Figure 5-8, the consumer is indifferent between the combinations of beer and wine coolers indicated by points
a.
A, C.
b.
B, D.
c.
C, B.
d.
A, B.
In 2011, real GDP in the United States was $60 per hour worked. In major European economies, real GDP averaged on $48 per hour worked. This difference is explained by the points that ________ and ________
A) Americans work the same number of hours per week as Europeans on average; Americans are less productive due to technology differences B) Americans are equally as productive as Europeans; Americans work more hours on average C) Americans take more vacations than Europeans; Americans take more sick days than Europeans D) Americans work more hours than Europeans; Americans produce more per hour than Europeans E) Americans work less hours than Europeans; Americans take less sick days than Europeans
The major social insurance program in the United States is
a. Social Security b. Temporary Assistance for Needy Families c. Medicare d. Medicaid e. food stamps
Economists generally recognize that rent controls cause shortages in housing, yet rent controls tend to persist. Why does this occur?
a. Many people do not understand the effects that controls cause. b. Property owners are politically unpopular. c. Many persons tend to benefit from rent controls. d. All of the above are correct.