Scaling back the U.S. "war on terror" would:
A. suggest that the United States is allocating less than the optimal amount of resources to the war on terror.
B. shift U.S. production from "defense goods" to "civilian goods."
C. shift U.S. production from "civilian goods" to "defense goods."
D. shift the production possibilities curve inward.
Answer: B
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In a competitive market, which of the following is a defining characteristic?
A. The firm sets its own prices. B. The firm takes prices set by the government. C. The firm can easily enter the market but not exit the market. D. The firm is just one of many firms within that market.
Total utility can be calculated as the
a. sum of all marginal utilities b. price paid for one unit of a good c. product of all marginal utilities d. total expenditure on all units of a good the consumer buys e. difference between the marginal utilities of the first and last units of a good
Which of the following characteristics of Exland, a less-developed country, is not typical?
a. a high percentage of the population under 15 b. political instability c. modern technology d. lack of infrastructure e. dependence on exports of natural resources
As interest rates increase, the quantity of loanable funds that are supplied to the loanable funds market
a. increases because people will be attracted by the higher rate of interest b. decreases because businesses borrow less c. increases because businesses borrow less d. decreases because people save less e. decreases because people will be attracted by the higher rate of interest