By international standards, the household saving rate of the United States:
A. has always been very high.
B. was extremely high until the 1980s.
C. has not ever really been high.
D. was low through the 1970s and 1980s, but increased throughout the 1990s to become one of the highest.
Answer: C
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Refer to the figure above. The producer surplus before the imposition of the tax is given by the area ________
A) GHF B) GAE C) JBHF D) JBC
Refer to Scenario 10.1. How much output will Barbara produce?
A) 0 B) 22 C) 56 D) 72 E) none of the above
On a graph we draw a consumer's budget constraint, measuring the number of apples on the horizontal axis and the number of light bulbs on the vertical axis. If the slope of the budget constraint is -2, then
a. an apple costs twice as much as a light bulb. b. the opportunity cost of a light bulb is 2 apples. c. the opportunity cost of an apple is one-half of a light bulb. d. All of the above are correct.
Since Social Security is a pay-as-you-go program, the funds for the people retiring today
A. come from import taxes. B. come from foreign sales of gold. C. come from those of us working today and in the future. D. come from the Federal Reserve.