Use the following table to answer the question below. Jorge's Production Possibilities SchedulePounds of Green BeansPounds of Corn03202024040160608080 0Jorge's opportunity cost of producing 1 pound of green beans is ________ pound(s) of corn.
A. 1/4
B. 4
C. 1
D. 2
Answer: B
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In the United States, people who earn more than $250,000 a year represent 3 percent of all households and earn
A. 16 percent of total income. B. less than 1 percent of total income. C. 3 percent of total income. D. 47 percent of total income.
A change in the price of a good
A. Results in a change in supply. B. Results in a change in quantity supplied. C. Causes a shift in the supply curve. D. Is a determinant of supply.
Suppose that an Italian ice cream firm is facing a linear demand curve and that the current price for the Italian ice cream is set at a point where the price elasticity is 1.7. If the firm decreases the product price, the total revenue will:
A. increase if at the new price, the elasticity is still greater than 1. B. increase if at the new price, the elasticity is lower than 1. C. decrease regardless of the size of the price decrease. D. increase regardless of the size of the price decrease.
Which of the following numbers, if it were equal to the 80/20 ratio for a particular country, would indicate the most inequality?
A. 1 B. 2 C. 0 D. 0.5