Which of the following programs that expanded the government's role in the economy was enacted by a Republican president?
A. The Occupational Safety and Health Administration (OSHA)
B. The interstate highway program
C. The Environmental Protection Agency (EPA)
D. All of these were enacted by Republican presidents.
Answer: D
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The table above gives Jane's total utility from magazines and CDs. The price of a magazine is $4 and the price of a CD is $10. Which of the following CORRECTLY illustrates the principle of diminishing marginal utility? The fact that
A) the sixth magazine has less marginal utility than the sixth CD. B) Jane's marginal utility per dollar from the second magazine is the same as her marginal utility per dollar from the third CD. C) the marginal utility per dollar from the sixth magazine is less than the total utility from six magazines. D) the marginal utility of the third CD is less than the marginal utility of second CD.
A firm is producing a joint product, Product A and Product B, with variable proportions. At its current production levels, the marginal benefit of producing Product A is $4 and the marginal cost is $2 and the marginal benefit of producing Product B is $4 and the marginal cost is $6. To maximize profits, the managers of the firm should produce ________ of Product A and ________ of Product B.
A) more; less B) less; more C) less; less D) more; more
A constant-cost industry is one in which
A) output increases lead to productivity gains. B) the marginal product of labor is constant. C) there is no change in long-run per-unit costs, even as output varies. D) each firm has a horizontal long-run average cost curve.
The current account in the BOP records:
a. all money flowing between countries. b. a nation's yearly exports and imports of goods and services. c. only the transactions involving capital goods in international trade. d. only the transactions involving consumer goods in international trade. e. only those goods and services purchased on credit in international transactions.