The budget constraint shows the
A. amount of a good the consumer will buy at various prices.
B. possible combinations of goods that can be purchased with a specified income.
C. changes in consumption of goods that a consumer makes when his income increases.
D. combinations of goods that generate the same amount of total satisfaction.
Answer: B
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Historically, U.S. federal expenditures have ________ as a percentage of GDP
A) remained fairly stable B) increased dramatically C) slowly declined D) been extremely volatile
Suppose Russia exports sunflower seeds to Ireland and imports coffee from Brazil. This situation suggests
a. Russia has a comparative advantage over Brazil in producing coffee, and Ireland has a comparative advantage over Russia in producing sunflower seeds. b. Russia has a comparative advantage over Ireland in producing sunflower seeds, and Brazil has a comparative advantage over Russia in producing coffee. c. Russia has an absolute advantage over Ireland in producing sunflower seeds, and Brazil has an absolute advantage over Russia in producing coffee. d. Russia has an absolute advantage over Brazil in producing coffee, and Ireland has an absolute advantage over Russia in producing sunflower seeds.
Name at least three causes of unemployment.
What will be an ideal response?
What is the tragedy of the commons? Give two examples, including one from your state
What will be an ideal response?