The public sector of the U.S. economy includes:
a. the federal, state, and local government.
b. multinational corporations and the federal government.
c. the Federal Reserve bank of the U.S.
d. the judiciary and the federal government.
e. households.
a
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What is both a necessary and sufficient condition for anything to become money?
A) Metallic backing B) Government fiat C) Acceptability D) A stable price level E) Seignorage
Suppose that in Germany, the opportunity cost of producing a gallon of beer is 5 gallons of wine. In Italy, the opportunity cost of producing a gallon of beer is 3 gallons of wine
a. What is the opportunity cost of producing a gallon of wine for Germany? b. What is the opportunity cost of producing a gallon of wine for Italy? c. Which country has a comparative advantage in the production of beer? d. Which country has a comparative advantage in the production of wine?
Tanesha sells homemade candles over the Internet. Her annual revenue is $64,000 per year, the explicit costs of her business are $17,000, and the opportunity costs of her business are $22,000. What is her economic profit?
A) $17,000 B) $25,000 C) $42,000 D) $47,000
Refer to the figure above. The quota shown in the diagram equals
A) 200 units. B) 500 units. C) 1000 units. D) 1200 units.