Congress passed and the president signed deficit reduction packages of over $400 billion in the years ______ and ______.
Fill in the blank(s) with the appropriate word(s).
1990; 1993
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The slopes of the production possibilities curves for two nations reflect the
A. relative prices of the resources in the two nations. B. average income levels in the two nations. C. opportunity costs of production in the two nations. D. amounts of imports and exports of the two nations.
Hans can do 4 loads of laundry per hour, and he can type 6 pages per hour. Maria can do 12 loads of laundry per hour, and she can type 8 pages per hour. Maria’s opportunity cost of doing one load of laundry is:
A. 4 pages. B. 6 pages. C. 2/3 of a page. D. 3/2 of a page. E. impossible to compute without additional information.
If purchases of eduction and medical care were counted as investment rather than consumption, GDP would
A) not change, because there is no change in total expenditures B) increase, because investment is included in GDP but consumption is not C) increase, because consumption is included in GDP, but investment is not D) decrease, because investment is weighed more heavily than consumption in GDP E) decrease, because consumption is weighed more heavily in calculating GDP
Which of the following would NOT be an example of a technological change?
A. Google develops a new way to perform Internet searches that makes searches produce more relevant results. B. A team of nuclear scientists develop a new way of generating nuclear power that is safer than the older methods but is more expensive to implement. C. The government passes a law expanding the funding available to NASA and other agencies concerned with the advancement of basic science. D. A pharmaceutical company develops a new drug that effectively fights malaria.