If the government spends exactly what it receives in taxes during a given interval, then the result is
A) a balanced budget.
B) the gross public debt.
C) the net public debt.
D) a government budget deficit.
A
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Assume that Chile can produce one pound of coffee or 40 pillows in an hour, and that the United States can produce one pound of coffee or 20 pillows in an hour,
a. the terms of trade should be between 20 and 40 pillows per pound of coffee, and the United States should produce both coffee and pillows b. the terms of trade should be between 20 and 40 pillows per pound of coffee, and Chile should produce pillows c. the terms of trade should be between 20 and 40 pillows per pound of coffee, and Chile should produce coffee d. the terms of trade should exceed 40 pillows per pound of coffee, and Chile should produce coffee e. no trade will occur, since the United States does not have an absolute advantage in producing either good
Explain why movie theaters charge more for evening performances than for matinees
Initially, when workers are added, marginal product rises and marginal cost falls. Why is this the case?
a. Total product increases by a fixed amount with each additional employee.
b. The equipment is new, and no repair or maintenance costs have set in yet.
c. Marginal costs are fixed costs that are spread over a larger number of employees.
d. Each additional worker is adding more to the total output than the previous worker.
According to the World View chart in the text, from highest to lowest real GDP per capita, which is correct?
A. United States, China, India, Jordan, Germany, Japan, Russia. B. United States, China, Japan, Germany, Russia. C. United States, Japan, France, Canada, China. D. United States, Canada, Germany, Japan, South Korea.