About what percentage of U.S. output was exported to foreigners in 2012?
A) 1%
B) 14%
C) 18%
D) 25%
B
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What is meant by the present bias?
What will be an ideal response?
Suppose that Joan, the only consumer of pork, has a downward-sloping demand curve for pork and faces an upward-sloping supply curve. If her demand curve shifts out because she develops a craving for pork, then at the new equilibrium (everything else equal),
a. the price of pork relative to other goods will be higher than before. b. Joan's marginal utility from every unit of pork she eats will be higher than before. c. Joan's real income will be lower than before. d. All of the above are correct.
In Ithaca, NY, Ithaca Hours, valued at the area's average hourly wage ($10), can be used to buy goods and pay for services. About 5,700 Ithaca Hours are in circulation. Because they are accepted in local stores and accepted by local people as income, Ithaca Hours:
A. are money because they are backed by the local government. B. are not money because they do not serve as a medium of exchange. C. are not money because their value depends upon the area's average hourly wage. D. although less liquid than Fed Notes, are money because they are accepted as money.
Table 16.2Consider the data in Table 16.2. If each firm is currently generating 100 gallons of wastewater per day, Firm B would be willing to pay up to ________ to Firm A to be able to generate 200 gallons of wastewater per day.
A. $10 B. $12 C. $28 D. $200