Isocost lines associated with ______ total cost lie ______ the origin.
A. lower; farther from
B. higher; farther from
C. higher; closer to
D. sunk; closer to
B. higher; farther from
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Use the figure below to answer the following question.
If actual production and consumption occur at Q2
A. missing surplus of a + b + c + d occurs. B. economic surplus is maximized. C. missing surplus of e + f occurs. D. missing surplus of a + c occurs.
Which of the following best describes comparative advantage?
A) using the fewest number of resources to produce a given amount of output B) being able to produce more output than any other country C) having the largest number of resources compared to other countries D) forgoing the fewest units of one product to produce a unit of another product E) It is the same as absolute advantage.
Which of the following would likely be studied by a microeconomist rather than a macroeconomist?
a. the effect of foreign direct investment on economic growth b. the effect of a sales tax on the cigarette industry c. the effect of an investment tax credit on the economy's capital stock d. the effect of a war on government spending
Using the information in the table, what is the value of gross investment?ConsumptionGross InvestmentGovt. PurchasesNet ExportsNominal GDP$9 trillion $3 trillion-$1 trillion$14 trillion
A. $4 trillion B. $1 trillion C. $3 trillion D. $2 trillion