The Williams' household uses natural gas heat, the Reynolds' use a wood stove. Whose household heating system is most efficient?
A) Without more information, the question is meaningless.
B) Williams'
C) Reynolds'
D) It depends only on the BTU's (the amount of heat produced) per unit of heat-source input.
A
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The above figure shows a labor market with minimum wage equal to $16. In this figure, what area equals the resources lost because of job search?
A) area A B) area B C) area C D) area D E) area E
The figure illustrates Sally's budget line and her preferences. At point(s) ________, the marginal rate of substitution is equal to the relative price
A) B B) B, C, and E C) D D) E and C
Why did the United States abandon the gold standard in the 1930s?
A) The government wanted to move away from a floating exchange rate system to a fixed exchange rate system. B) The Treasury Department in the United States found it was cheaper to print paper money instead of gold coins. C) The government wanted to rapidly expand the money supply in response to the Great Depression. D) New sources of gold were discovered, so the price of gold plummeted, dramatically reducing the value of the dollar.
Factors of production are usually divided into all of the following categories except
A) labor. B) capital. C) interest. D) natural resources.