The alternative combinations of two goods that a consumer can purchase with a specific money income is shown by:
A. a production possibilities curve.
B. a demand curve.
C. a consumer expenditure line.
D. a budget line.
Answer: D
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Refer to the figure above. What is the deadweight loss when the market is converted into a monopoly?
A) $0 B) $45 C) $90 D) $180
Bob is looking for work after school, but everywhere he fills out an application, the managers say they always have a lot more applications than open positions. Tom has a law degree. Several firms have made him offers, but he thinks he might be able to find a firm where his talents could be put to better use
a. Bob and Tom are both frictionally unemployed. b. Bob and Tom are both structurally unemployed. c. Bob is frictionally unemployed, and Tom is structurally unemployed. d. Bob is structurally unemployed, and Tom is frictionally unemployed.
Economic growth can be shown by
A. no change in the long-run aggregate supply curve. B. a leftward shift in the long-run aggregate supply curve. C. a rightward shift in the long-run aggregate supply curve. D. a leftward shift in the production possibilities curve.
Suppose a policy change will generate $100,000 of benefits for low-income families and $120,000 of costs for high-income families. This change can best be described as
A. Pareto efficient. B. equitable. C. potentially efficient. D. inefficient.