Refer to the information provided in Figure 13.1 below to answer the question that follows.
Figure 13.1Refer to Figure 13.1. Of the following choices, Panel A best represents the demand curve for
A. insulin.
B. an individual producer of soybeans.
C. Dell computers.
D. all of the above
Answer: C
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Which one of the following statements is TRUE of the Consumer Price Index?
A) It does not take account of the price of imported goods and services. B) It does not take into account the price of used goods. C) It understates the true rate of inflation. D) It measures changes in prices of a fixed basket of goods.
Suppose some people like national defense and others are offended by it -- i.e. some people derive positive marginal benefit and others derive negative marginal benefit. Efficiency then demands that national defense is produced until the sum of the positive marginal benefits is equal to the (absolute value) of the negative marginal benefits.
Answer the following statement true (T) or false (F)
Suppose that Dave has $200 to spend per week and he buys only magazines and pizza. The price of a pizza is $10 and the price of a magazine is $5. What is the maximum amount of pizza Dave can buy each week?
A) 40 B) 20 C) 200 D) 60
Which of the following is true about the United States?
a. There has only been one recession in U.S. history. b. There have been recessions every couple of years throughout U.S. history. c. Recessions have never occurred in the United States. d. Recessions have occurred periodically in U.S. history. e. Recessions in the United States have generally been worse than in other countries.