Refer to the information provided in Figure 20.2 below to answer the question(s) that follow.
Figure 20.2Refer to Figure 20.2. The opportunity cost of 1 ________ is 0.25 ________ in the United States and 0.67 ________ in England.
A. truck; car; car
B. car; car; truck
C. truck; truck; car
D. car; truck; truck
Answer: D
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Which of the following would increase disposable personal income?
A) a decrease in taxes paid B) a decrease in personal income C) a decrease in transfer payments received D) All of the above would increase disposable income.
"The government should levy higher taxes on the rich and use the additional revenues to provide better housing for the poor." This statement illustrates: a. the fallacy of composition
b. the basic principle of economics. c. a normative economic statement. d. a positive economic statement.
Of the following examples, expenditures on ______ will most likely increase dramatically when the GDP rises.
a. HDTVs b. pants c. cough drops d. milk
Barriers to entry enable many monopolists to
A) charge as high a price as they want. B) make people buy more of a good than they really want. C) earn economic profits in the long run. D) manipulate the government into providing special favors for themselves.