The Fed can influence:
A. the budget of the federal government.
B. the household savings rate.
C. U.S. tax rates.
D. the U.S. money supply.
Ans: D. the U.S. money supply.
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Bill is an economics professor who earns $37,000 teaching but decides to leave and fulfill his dream of catering barbecues. During his year of barbecuing he earned total revenue of $60,000. He spent $30,000 on food and supplies
He also paid his wife $10,000 to help serve food. The normal profit for an entrepreneur running a barbecue business is $3,000. Bill also rented an industrial grill/fry truck for $12,000. Bill had an economic A) profit of $20,000. B) loss of -$32,000. C) loss of -$42,000. D) profit of $28,000. E) profit of zero.
Trade between two nations:
A) results in the maximization of total production. B) reduces global production. C) leads to a maximization of production in one nation and minimization of production in the other. D) is inefficient compared to when both do not indulge in international trade.
Judging from the production possibilities curve, how many units of housing can be gained by dropping production of food from 80 to 60 units?
A. 0
b. 4
c. 7
d. 9
Economists characterize utility as ______.
a. essentially useless b. highly volatile c. strictly personal d. ultimately unachievable