Forest lives in complete isolation in Montana. He is self-sufficient and feeds himself through hunting, fishing, and farming. Which of the following statements about Forest is true?
A. Forest doesn't have to consider costs and benefits.
B. Forest has to make trade-offs.
C. Forest has unlimited resources.
D. Forest is not required to make trade-offs because he is self-sufficient.
Answer: B
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Which of the following is likely to cause the supply curve for steel window frames to shift to the right?
A) A decrease in the cost of production of steel due to a new subsidy B) A fall in the number of steel window frame producers due to factory lockouts C) A rise in the market price of steel window frames due to an increase in demand D) An increase in the wages of labor working in steel firms due to demands by trade unions
If average labor productivity decreases while population and the number of employed workers remain constant, then total output:
A. increases. B. decreases. C. may increase or decrease. D. remains constant.
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 E to Point A, the opportunity cost of hybrid cars, measured in terms of motorcycles
A. increases. B. initially increases, then decreases. C. decreases. D. remains constant.
A majority of federal revenue once came from tariffs
a. True b. False