Refer to the information provided in Figure 30.1 below to answer the question(s) that follow.
Figure 30.1Refer to Figure 30.1. If the economy is currently at Point C, ________ in aggregate output moves the economy to I3.
A. pessimism about past growth
B. optimism about future growth
C. pessimism about future growth
D. optimism about past growth
Answer: C
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An example of an implicit cost is
A) payment of a salary to a CEO of a company. B) a business using a building owned by the business owner. C) a payment to a resource owner. D) the payment of interest on a bond.
Which of the following are not counted when we compare a family's income to the poverty line?
a. In-kind transfers such as food stamps, Medicaid, and public housing. b. Cash welfare payments such as from social security. c. Cash payments when a worker becomes unemployed. d. Both a. and b. above are correct.
A useful theory must
A. apply to every conceivable situation. B. be broadly applicable. C. be agreed upon by all economists. D. not be able to be refined.
To manufacture 1,000 pairs of shoes in a week, a firm can use 1,500 workers and 50 machines or 100 machines and 2,000 workers. Which method is more technically efficient?
A. 2,000 workers and 100 machines B. 1,500 workers and 50 machines C. Both are equally efficient. D. Neither could be considered efficient.