What is the maximum amount of good Y that can be purchased if X and Y are the only two goods available for purchase and Px = $5, Py = $10, X = 20, and M = 500?
A. 25
B. 40
C. 50
D. 75
Answer: B
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If there is no Ricardo-Barro effect, when the government runs a budget surplus, it
A) contributes to financing investment. B) competes with businesses for private saving. C) shifts the demand for loanable funds curve rightward. D) shifts the supply of loanable funds curve leftward. E) shifts the demand for loanable funds curve leftward.
The distribution of income in the United States is characterized by the following relationship between the mean, median, and mode incomes
A) mean income < median income < mode income. B) mode income < median income < mean income. C) median income < mean income < mode income. D) mode income < mean income < median income.
Tom and Jerry have two tasks to do all day: make dishes and build fences. If Tom spends all day making dishes, he will have make 16 dishes. If he instead devotes his day to building fences, Tom will build 4 fences. If Jerry spends his day making dishes, he will make 14 dishes; if he spends the day building fences, he will build 7 fences. For Jerry, the opportunity cost of building a fence is ________ dishes made.
A. 14 B. 7 C. 4 D. 2
When an inverse relationship is graphed, the resulting line or curve is:
a. horizontal. b. vertical. c. upward-sloping. d. downward-sloping.