Figure 7.2
Refer to Figure 7.2. Assume that Ashley faces budget line AB with her $60 income. Then the opportunity cost to her of a hamburger is:
A. one book.
B. one half of a book.
C. one third of a book.
D. one fourth of a book.
Answer: B
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Three policy lags limit the effectiveness of monetary policy: recognition lags, implementation lags, and impact lags. Of these three policy lags, fiscal policy is impacted by
A) only implementation and impact lags. B) only recognition and implementation lags. C) only recognition and impact lags. D) all three policy lags.
When box office receipts are not corrected for inflation, the most popular movie of all time is
a. Star Wars: The Force Awakens. b. Avatar. c. Gone With the Wind. d. The Dark Knight.
The goods or services that firms in an oligopoly sell:
A. are standardized. B. are not close substitutes. C. are either standardized or close substitutes. D. are close substitutes.
Combined, local, state, and federal governments in the United States directly employ about ________ percent of all workers.
A. 2 B. 6 C. 14 D. 27