Which of the following shocks could trigger an expansion?
a. A large cut-back in military spending.
b. A large increase in the price of oil.
c. A sudden decrease in consumption.
d. A large military buildup.
e. A sudden decrease in investment.
D
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In an Israeli factory, each worker can produce 2/5 of a shirt in an hour or 1/3 of a pair of pants in an hour. If there are 500 workers in the factory, then the maximum number of shirts that can be made in an hour is
a. 100 b. 200 c. 50 d. 250 e. 300
PriceQuantity Demanded$510$420$330$240$150Refer to the table above. Starting at a $1 price, at what price range does demand become elastic?
A. $4-5 B. $3-4 C. $1-2 D. $2-3
Because of increasing opportunity costs, the production possibility curve:
A. Is bowed out from (or concave to) the origin B. Can be either downward- or upward-sloping C. At first rises, then falls eventually D. Is a straight downward-sloping line
Refer to the data provided in Table 16.1 below to answer the following question(s).Table 16.1 shows the situation facing two firms, both of which are polluting. Assume that each firm emits 5 units of pollution.Table 16.1Firm AFirm AFirm AFirm BFirm BFirm BReduction of Pollution by Firm AMC of reducing pollution for Firm ATC of reducing pollution for Firm AReduction of Pollution by Firm BMC of reducing pollution for Firm BTC of reducing pollution for Firm B1$4$41$8$82 610212203 9193163641332420565185052480Refer to Table 16.1. Suppose the government wants to reduce the total amount of pollution from the current level of 10 to 4. To do this, the government caps each firm's emissions at 2 units and issues 2 permits to each firm. If firms are not allowed to trade permits, what is the
total cost of the pollution reduction? A. $30 B. $55 C. $58 D. $130