Refer to Scenario 17.1. The lowest level of y* that can be set and still have only the high-productivity people meet it is
A) 16.
B) 13 1/3.
C) 13.
D) 8.
E) 0.
D
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If the world real interest rate falls, then a country that is an international lender
A) increases the amount of its lending. B) does not change the amount of its lending. C) decreases the amount of its lending. D) None of the above answers is correct because lending might increase, decrease, or not change.
Ceteris paribus means
A) "all variables are independent." B) "other things being equal." C) "some assumptions must be accepted without proof." D) "some theories are not rational."
Pork-barrel legislation typically bundles the pet projects of several special interest groups. Such legislation
a. is frequently enacted, even though the overall benefits to society are less than the overall costs to society. b. seldom benefits special interest groups. c. usually, if successful, helps the majority of taxpayers. d. seldom passes because social benefits are far smaller than social costs.
Many people believe that monopolies charge any price they want to without affecting sales. Instead, the output level for a profit-maximizing monopoly is determined by:
A. Marginal cost = average revenue B. Marginal revenue = average cost C. Average total cost = average revenue D. Marginal cost = marginal revenue