The study of economics is basically about what two things?
Ans: people and choices
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An increase in the government's budget deficit ________ the real interest rate and ________ the equilibrium quantity of national saving.
A. decreases; increases B. increases; increases C. increases; decreases D. decreases; decreases
The federal government pays airlines to service small cities in the United States through a subsidy program called Essential Air Service which was established in 1978 when the airline industry was deregulated
Most subsidies can't exceed $200 per passenger. Without this subsidy, what is TRUE? A) There would be higher prices and fewer flights. B) There would be lower prices and fewer flights. C) There would be an increase in supply. D) There would be a decrease in demand.
Trade is based on
A. absolute advantage. B. comparative advantage. C. production costs. D. relative dollar prices.
Suppose that production for good X is characterized by the following production function, Q = K0.5L0.5, where K is the fixed input in the short run. If the per-unit rental rate of capital, r, is $25 and the per-unit wage, w, is $15, then the average total cost of using 81 units of capital and 9 units of labor is:
A. $80. B. $75. C. $5. D. There is insufficient information to determine the average total costs.