In terms of the production possibility frontier, ________ would best be shown by the production possibility frontier shifting outward.
A. an increase in productivity attributable to an increase in the capital stock
B. a change in consumer tastes
C. a decrease in the unemployment rate
D. a shift in resources from capital goods to consumer goods
Answer: A
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Refer to Figure 11.4. Which diagram illustrates the effect of a decrease in the income tax rate?
A) A B) B C) C D) D
If we allow interpersonal comparisons of utility, and the law of diminishing marginal utility holds, then what can we reasonably suppose about the marginal utility of Bill Gates' millionth dollar?
a. It is less than the marginal utility of your hundredth dollar. b. It is more than the marginal utility of your hundredth dollar. c. It is equal to the marginal utility of your hundredth dollar. d. It is equal to zero. e. It yields higher satisfaction than your hundredth dollar.
In order to calculate consumer surplus in a market, we need to know willingness to pay and price
a. True b. False Indicate whether the statement is true or false
In the Last Word, the concept of pork-barrel politics is illustrated by
1. In the Last Word, the concept of pork-barrel politics is illustrated by a. the purchasing of unsolicited military equipment. b. small appropriations bills that benefit a small group. c. buying equipment from many firms to benefit many congressional districts. d. building projects that have an unknown cost. 2. Logrolling occurs when a. one group of legislators ignores the needs of another group. b. legislators work together to keep the political agenda rolling. c. one group of legislators helps another with the understanding that at some point in the future they, in turn, will be helped. d. legislators work together to keep the legislative log rolling.