The above table shows the daily production possibilities for a nation. According to the above table, the opportunity cost of each additional car in terms of televisions
A. is meaningless because the cost of cars cannot be expressed in terms of televisions.
B. remains constant.
C. falls as more cars are produced.
D. increases as more cars are produced.
Answer: D
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Taxes and transfers in the United States
A) shift the Lorenz curve inward. B) shift the Lorenz curve outward. C) cancel out so that the Lorenz curve does not shift. D) shift the Lorenz curve inward at low incomes, outward at high incomes.
In Figure 3-4 above, the shift from Ap0 to Ap1 could have been caused by a ________ in T of ________
A) fall, 300 B) fall, 180 C) fall, 500 D) rise, 300 E) rise, 500
Willie Stand obtains a patent on his new invention, the bipod. After twenty years,
a. he can renew his patent b. new entrants will begin bipod production if price exceeds average variable cost c. new entrants will drive up the price of the bipod d. Willie will eventually earn no more than a normal profit e. Willie will continue to earn a positive economic profit, because entry will not affect the price of bipods
The equation of exchange states that:?
?a) government spending = taxes plus the federal budget deficit. ?b) the reciprocal of the reserve requirement = the deposit expansion multiplier. ?c) the money supply times the velocity of money = the price level times the quantity of goods and services produced. ?d) the price level times the velocity of money = the money supply times the quantity of goods and services produced.