Refer to the graph shown. The most economically efficient way to produce 500 units of output is to use:
A. 6 and 2/3 units of machines and 5 units of labor.
B. 10 units of machines and 15 units of labor.
C. 5 units of machines and 7.5 units of labor.
D. 5 units of machines and 25 units of labor.
Answer: C
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There is some agreement between the beliefs of President George W. Bush in 2001 on the effectiveness of tax cuts with the beliefs of former President
a. Keynes. b. Clinton. c. Reagan. d. Carter.
A $300 billion increase in government spending increases Real GDP by $1,800 billion. Assuming a constant price level, what does the government spending multiplier equal?
A) 0.17 B) 120 C) 6 D) 60 E) ?0.83
Private property rights exist when property rights are
What will be an ideal response?
Suppose robotic technology improves the results of abdominal surgery—less time to perform the surgery, faster recovery times, and fewer mistakes. What is the impact on the market for abdominal surgery using this new technology?
a. Demand for robot-assisted surgery will increase.
b. Hospitals will be slow to adopt the new technology fearing that it may result in lower prices.
c. The demand for surgical assistants will increase.
d. All of the above.