Envision a graph with meat on the horizontal axis and vegetables on the vertical axis. A strict vegetarian would have indifference curves that are:
A) vertical lines.
B) horizontal lines.
C) diagonal straight lines.
D) right angles.
E) upward sloping.
B
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The level of GDP at which planned expenditure equals the amount of output produced is the
A) equilibrium output. B) potential output. C) long-run output. D) autonomous output.
From 1960 to 1980, federal government spending on national defense _____
a. declined from about half to less than one quarter of all expenditures b. declined from one-third to less than one quarter of all expenditures c. increased from about half to nearly 60 percent of all expenditures d. increased from about one quarter to nearly one-half of all expenditures
Figure 8-2
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In Figure 8-2, which of the following moves can be explained by a decrease in disposable income?
A. E to B B. A to C C. A to D D. B to E
Joe runs a business and needs to decide how many hours to stay open. Figure 2.2 illustrates his marginal benefit of staying open for each additional hour. Suppose that Joe's marginal cost of staying open per hour is $24. How many hours should Joe stay open?
A. 3 hours B. 4 hours C. 5 hours D. 6 hours