How many members are there of the U.S. Senate Committee on Banking, Housing and Urban Affairs?
A. 15
B. 20
C. 21
D. 28
C. 21
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When we cannot produce more of any good without giving up some other good that we value more highly, we have achieved
A) production. B) equity. C) allocative efficiency. D) the production point where the marginal benefit exceeds the marginal cost by as much as possible.
According to the text, there are three ways the government can help increase the accumulation of knowledge capital. What are they?
A) encouraging the use of trade secrets, expanding student loan programs, and increasing the minimum wage B) reducing taxes on capital, increasing Social Security payments, and lowering the exchange rate C) increasing taxes on firms, eliminating patents, and increasing the minimum wage D) protecting intellectual property rights, subsidizing research and development, and subsidizing education
A firm that is a price maker can
a. limit output and raise prices. b. ignore the law of demand. c. ignore the elasticity of the demand for the product. d. both limit output and raise prices and ignore the elasticity of the demand for the product.
Jane's utility function is represented as: U = F0.5 C0.5, F is quantity of food and C is quantity of clothing. If her budget constraint is represented as: 120 = 2F + C, her optimal bundle of consumption should be
A) (40F, 40C). B) (20F, 60C). C) (50F, 50C). D) (45F, 20C).