Figure 3-4
Which of the following would make point Q in Figure 3-4 attainable?
A. Full-employment policies
B. A technological advance strictly applicable to the production of apples
C. An increase in land available for agricultural use
D. A transfer of available resources from apples to wheat production
Answer: C
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Along a linear consumption function,
A) the average propensity to consume rises with income, but the marginal propensity to consume falls with an increase in income. B) the marginal propensity to consume rises with an increase in income. C) the average propensity to consume falls with an increase in income. D) both the average propensity to consume and the marginal propensity to consume rise with an increase in income.
The Gini coefficient for the United States in 1980 was 0.403. In 2014, the coefficient was equal to 0.480. This means that
A) income inequality increased from 1980 to 2014. B) there was a decrease in the amount of government transfer payments from 1980 to 2014. C) cuts in federal income tax rates in the early 1980s and 2001 helped to reduce income inequality. D) per capita income in the United States rose from 1980 to 2014.
Exhibit 2-1 Production possibilities curve data ConsumptionGoods CapitalGoods 10 0 9 1 7 2 4 3 0 4 In Exhibit 2-1, according to the information, the opportunity cost of producing the 3rd unit of capital is:
A. 3 units of consumption goods. B. 4 units of consumption goods. C. 6 units of consumption goods. D. 7 units of consumption goods.
The decision about how much money to hold is an application of the:
A. principle of increasing opportunity cost. B. cost-benefit principle. C. principle of comparative advantage. D. scarcity principle.