Refer to Figure 4.1. The income effect of the price change in food on the quantity of food purchased is:
A) the change from F3 to F1.
B) the change from F3 to F2.
C) the change from F2 to F1.
D) the change from F1 to F2.
E) none of the above
C
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Industrial production, total sales, nonfarm employment, and after-tax household income are examples of ________ indicators of economic activity.
A. coincident B. real C. preceding D. lagged
Because low tariffs have a high ratio of benefits to costs, they are an especially efficient way for nations to achieve full employment and growth
Indicate whether the statement is true or false
Exhibit 21-1 Production possibilities curves
?
In Exhibit 21-1, the production possibilities curves of wheat and corn for Nabia and Pada are presented. In Nabia the cost of producing one more unit of wheat is equal to:
A. 4 units of corn. B. 4 units of wheat. C. 1/4 unit of corn. D. 15 units of corn.
For a firm that uses land, labor and capital as inputs, how should the inputs be utilized in order to minimize total costs?
What will be an ideal response?