Assume that Abby, Ben, Clara, Joe, and Matt are the only citizens in a community. A proposed public good has a total cost of $1000. All five citizens will share an equal portion of this cost in taxes. The benefit of the public good is $220 to Abby, $210 to Ben, $210 to Clara, $180 to Joe, and $120 to Matt. In a majority vote, this proposal will most likely be:
A. Accepted; four in favor and one against
B. Defeated; one in favor and four against
C. Accepted; three in favor and two against
D. Defeated; two in favor and three against
C. Accepted; three in favor and two against
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In the figure above, curve A is the ________ curve
A) average fixed cost B) average variable cost C) average total cost D) marginal cost
Use the above table. Assuming constant opportunity costs, the opportunity cost of producing donuts in country Alpha is ________, and the opportunity cost of producing donuts in country Beta is ________
A) 1 donut; 0.17 donut B) 1 donut; 6 donuts C) 10 donuts; 12 pizzas D) 0.2 pizza; 1.67 donuts
Within the AD/AS model, if consumers and investors become more optimistic about the future direction of the economy,
a. aggregate demand will decrease. b. aggregate demand will increase. c. long-run aggregate supply will increase. d. long-run aggregate supply will decrease.
Consumer wants and consumer demands are the same thing
Indicate whether the statement is true or false