The following are hypothetical exchange rates: 2 euros = 1 pound; $1 = 2 pounds. We can conclude that:
A. $1 = 4 euros.
B. $1 = .5 euro.
C. 1 euro = $.50.
D. 1 euro = $2.
A. $1 = 4 euros.
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Amy can produce either 5000 pounds of cheese or 20 cars per year. Mike can produce either 5000 pounds of cheese or 10 cars per year. By the principle of comparative advantage, Mike should specialize in producing
A. cars. B. neither cheese nor cars. C. both cheese and cars. D. cheese.
Melissa has an income of $240 a month to spend on tennis lessons and concert tickets. The price of a tennis lesson is $20, and the price of a concert ticket is $40. The slope of Melissa's budget line, with tennis lessons on the horizontal axis, is
A) -2. B) -0.5. C) -6. D) -12.
Using a TR-TC graph, a firm maximizes profit by producing the output level where the greatest
a. vertical distance occurs between the MR and MC curves b. vertical distance occurs between the TR and TC curves, and the TR curve is above the TC curve c. total revenue occurs d. horizontal distance occurs between the TR and TC curves, and the TR curve is above the TC curve e. horizontal distance occurs between the MR and MC curves, and the MR curve is rising
Figure 32-1
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In Figure 32-1, there are four levels of income. G is government expenditures and TT is taxes less transfers. At which level of income does the official budget produce a surplus?
A. Y4 B. Y3 C. Y2 D. Y1