Refer to the information provided in Figure 6.6 below to answer the question(s) that follow.
Figure 6.6Refer to Figure 6.6. Bill's budget constraint is BD. Bill's income is $600, the price of a bell pepper is $1, and the price of a bag of black beans is $2. At point D Bill is buying ________ bell peppers and ________ bags of black beans.
A. 600; 0
B. 300; 150
C. 600; 300
D. 0; 300
Answer: D
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The United States possesses a large amount of human capital. As a result of this fact, in the United States there is a
A) large amount of machinery and equipment. B) large number of people and a great deal of land. C) highly skilled and educated labor force. D) large number of kind and generous humans. E) large amount of machinery (capital) that is run by people (humans).
In deciding between using a public bureau or a private firm to collect garbage, elected officials may prefer a public bureau because
a. public bureaus have been shown to be more efficient than private firms in garbage collection b. they can convey political favors by giving people jobs in the public bureau c. public bureaus will be more responsive to consumers d. citizens would have to pay if private firms collected garbage e. taxes will be lower if the public bureau is in charge of garbage collection
When the Fed lowers the discount rate, it makes it
a. cheaper for banks to borrow from each other. b. cheaper for banks to obtain additional reserves by borrowing from the Fed. c. more difficult for banks to accept deposits. d. more difficult for banks to extend loans.
The market demand curve for a monopolist is typically
a. unit price elastic. b. downward sloping. c. horizontal. d. vertical.