In the table above, Jack's opportunity cost for 1 pound of food is ________ and his opportunity cost for 1 pound of clothing is ________
A) 1 pound of clothing; 4 pounds of food
B) 1/2 of a pound of clothing; 2 pounds of food
C) 1/3 of a pound of clothing; 3 pounds of food
D) 2 pounds of clothing; 2 pounds of food
E) 1 pound of food; 1 pound of clothing
B
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The largest source of federal government revenue in the United States is
A) corporate income taxes. B) individual income taxes. C) payroll taxes. D) excise taxes.
Lizzie's preferences are shown in the figure above. Which of the following combinations of goods does Lizzie prefer the most?
A) 6 comic books and 20 cookies B) 8 comic books and 8 cookies C) 12 comic books and 10 cookies D) 4 comic books and 12 cookies
The economist in the 1930s who is credited with key insights into causes of economic downturns was:
A. John Maynard Keynes B. Ben Bernanke C. Adam Smith D. David Ricardo
According to the World View excerpt that compares GDP figures for several nations, Russia's real GDP is approximately
A. More than that of Mexico. B. More than that of China. C. More than that of Germany. D. None of the choices are correct.