Use the following diagram to answer the next question.
In the diagram, solid arrows reflect real flows and broken arrows are monetary flows. Flow (5) might represent
A. the purchase of laptop computers by the state of Iowa.
B. transfer payments to unemployed workers.
C. personal income tax revenues.
D. the provision of public schools by local governments.
Answer: D
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The nation's production possibilities frontier is bowed outward. Suppose that the government decides to increase the production of armaments by $20 billion, and that as a result the output of consumer goods falls by $20 billion
If a further $20 billion increase beyond the initial $20 billion increase in armaments output is sought, we can expect that the output of consumer goods and services will fall further by A) less than $20 billion. B) $20 billion. C) more than $20 billion. D) There is not enough information to determine the answer.
"If Mexico is currently operating at a point beyond its production possibilities frontier, then there are unemployed resources in Mexico." Is this statement true or false? Briefly explain your answer
What will be an ideal response?
(Consider This) Suppose that a new band, "Balin and the Wolf Riders," tries to sell its music on the internet. Economists would expect:
A. all of those enjoying the music to pay for downloads and compensate the band for its costs. B. some of those enjoying the music to "free ride" through illegal file sharing and digital piracy. C. government to tax those attempting to download the band's music. D. there to be no consumer surplus for those who download the band's music.
The smaller the coefficient of determination, the better the chance of every point being on the "best fit" line.
Answer the following statement true (T) or false (F)