Refer to the information provided in Figure 2.4 below to answer the question(s) that follow.
Figure 2.4According to Figure 2.4, as the economy moves from Point D to Point B, the opportunity cost of hybrid cars, measured in terms of motorcycles,
A. initially increases, then decreases.
B. increases.
C. remains constant.
D. decreases.
Answer: B
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What is the impact of a $10 billion tax cut on consumer spending, if MPC is equal to 0.8?
a. $50 billion b. $40 billion c. $10 billion d. $20 billion
One can determine producers' surplus if the minimum selling price and the _____________ are known
A) price received B) price paid C) tax paid D) tax received E) a and c
Technological advances primarily help a country increase its rate of economic growth ______.
a. through implementation of the Malthusian prediction b. through savings in labor, resources, or capital c. by eliminating the need for human labor d. by being sold to developing foreign countries
Related to the Economics in Practice on p. 496: In 2014, the Congressional Budget Office estimated that the federal debt was ________ percent of GDP.
A. 24 B. 42 C. 74 D. 100