The term "market basket" means a
A. collection of goods that can fit into an average shopping cart.
B. collection of goods that is purchased during a holiday season.
C. collection of goods that changes every year and is defined by Congress.
D. collection of goods that is used by a typical family.
Answer: D
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The production possibilities frontier represents
A) all combinations of consumption and leisure for fixed output. B) all equally affordable combinations of consumption and leisure for a given wage. C) all technologically feasible combinations of consumption and leisure. D) all equally liked combinations of consumption and leisure.
Refer to Scenario 19.4 below to answer the question(s) that follow. SCENARIO 19.4: Suppose demand for widgets is given by the equation P = 10 - 0.25Q. Originally, the price of the good is $5 per unit. When a tax of $1 per unit is imposed, the price of the good rises to $6 per unit.Refer to Scenario 19.4. What is the excess burden of the tax?
A. $2 B. $18 C. $32 D. $50
To be unemployed is to be
A) without a job, but actively looking for a job. B) without any source of income. C) without an identity. D) all of the above.
The Latin term "ceteris paribus" means:
A. that if event A precedes event B, A has caused B. B. that economics deals with facts, not values. C. other things equal. D. prosperity inevitably follows recession.