If an owner of a copy center is interested in knowing which of her employees can make the most copies in one hour, she wants to understand _____.
(A) Which employee has the absolute advantage in making copies.
(B) The opportunity cost of employees making copies .
(C) Which employee has the comparative advantage in making copies.
(D) The resource distribution of her copy center.
Ans: (A) Which employee has the absolute advantage in making copies.
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Starting from long-run equilibrium, a large increase in government purchases will result in a(n) ________ gap in the short-run and ________ inflation and ________ output in the long-run.
A. expansionary; higher; potential B. recessionary; higher; potential C. recessionary; lower; lower D. expansionary; higher; higher
Is it possible for sellers to benefit more than consumers from a subsidy to buyers?
A. Producers can never benefit more than buyers from a subsidy to buyers. B. Yes, if the supply curve is relatively more elastic than the demand curve. C. Yes, if the sellers need it more. D. Yes, if the supply curve is relatively less elastic than the demand curve.
In 2014, the poverty rate among children under age 18 was approximately
A. 45 percent. B. 29 percent. C. 36 percent. D. 21 percent.
A point on a demand curve indicates:
a. A combination of two consumer goods which buyers will choose at given prices b. A particular price and the corresponding quantity demanded by consumers c. The ratio of the selling price to the buying price d. A situation where the buying and selling decisions of consumers and producers are consistent