Refer to the graph below.
Which of the shifts explains what would happen to the production possibility curve if restrictions were imposed on tuna fishing?
A. I
B. II
C. III
D. IV
Answer: C
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Leo is a welfare recipient who qualifies for two means-tested cash benefit programs. If he does not earn any income, he receives $225 from each program. For each dollar he earns (which his employer is required to report to the welfare agency), his benefit from each program is reduced by 75 cents until the benefit equals zero. If Leo values income and not the source of the income, then if he can only earn $400 he will choose to:
A. not work and accept the benefits. B. not work and refuse the benefits. C. work part time. D. work.
An increase in uncertainty about the future will tend to ________ precautionary saving and ________ the desired level of wealth for households
A) increase; increase B) increase; decrease C) decrease; increase D) decrease; decrease
In order to continue operating, in the long-run a firm must
a. Charge a price equal to its AVC b. Charge a price equal to its AFC c. Charge a price equal to its AC d. None of the above
Which of the following questions is addressed primarily by macroeconomics? a. The allocation of scarce satellite orbit slots
b. Decisions made by a manufacturer of a particular good. c. Policies to control the inflation rate. d. A consumer's decision to buy more clothing and less food.