Over half of U.S. consumer expenditures are for what?
A. Nondurable goods.
B. Durable goods.
C. Housing.
D. Services.
Answer: D
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The size of the deadweight loss, or excess burden, of a tax depends on the
A) amount of producer surplus but not the amount of consumer surplus because it is the producers who send the tax revenues to the government. B) strength of demand. C) strength of supply. D) elasticities of demand and supply. E) number of demanders and the number of suppliers.
Which of the following disciplines is not part of the social sciences?
a. mathematics b. sociology c. anthropology d. psychology e. economics
Angela reads financial advice columns and concludes the following. Which, if any, of her conclusions are incorrect?
a. Higher average returns come at the price of higher risk. b. People who are risk averse should never hold stock. c. Diversification cannot eliminate all of the risk in stock portfolio. d. None of her conclusions are incorrect.
The production function in the table below exhibits decreasing marginal returns to capital over what output range? Production Function for Good XL*KQMPK=(?Q/?K)APK=(Q/K)LaborCapitalOutputMarginal Product of CapitalAverage Product of Capital900----910575.75.7092032426.716.2093065733.3B9401,07241.526.809501,52445.230.489601,97645.232.939702,39141.534.169802,72433.334.059902,991A33.2391003,0485.730.4891103,016-3.227.4291202,945-7.124.54
A. Between 0 and 1,524 B. Between 3,016 and 2,945 C. Between 0 and 2,991 D. Between 2,391 and 3,048