Refer to the information provided in Figure 2.4 below to answer the question(s) that follow.
Figure 2.4According to Figure 2.4, as the economy moves from Point B to Point D, the opportunity cost of motorcycles, measured in terms of hybrid cars,
A. increases
B. remains constant.
C. initially increases, then decreases.
D. decreases.
Answer: A
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A poor person in the United States has ________.
A. a higher per capita real income than the average poor person in the world B. a lower per capita real income than the average poor person in the world C. the same per capita real income as the average poor person in the world D. the same per capita real income as the average poor person in the world, but has a lower standard of living
The marginal cost curve intersects the average total cost curve at the firm's most efficient point of production
a. True b. False Indicate whether the statement is true or false
Betty consumes good x and good y. If the price of x = $3 and the price of y = $4, then
A) an extra unit of x costs 4/3 units of y. B) an extra unit of y costs 4/3 units of x. C) an extra unit of x costs 3/4 units of y. D) Both B and C.
The framers of the Constitution sought to limit the economic role of the government as evidenced by
A) all of the above. B) the enumeration of the permissible powers of the federal government in Article I, Section 8. C) the 5th Amendment's limitation on the government's power to take private property. D) the 10th Amendment's allocation of all non-enumerated powers to the states and the people.