Transfer payments are
A. Payments to individuals for which no current goods or services are exchanged.
B. Government expenditures on goods and services.
C. Social Security taxes paid by employers.
D. Government tax receipts.
Answer: A
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Under fixed rates, which one of the following statements is the MOST accurate?
A) Monetary policy can affect only output. B) Monetary policy can affect only employment. C) Monetary policy can affect only international reserves. D) Monetary policy can not affect international reserves. E) Monetary policy can only affect money supply.
Other things being equal, the effects of a decrease in the price of orange juice, is represented by which of the following?
a. A rightward shift in the demand curve for orange juice. b. An increase in the quantity demanded for orange juice. c. A leftward shift in the demand curve for orange juice. d. A decrease in the quantity demanded orange juice.
What is the term used to discuss production expenses that do not change with output, such as building lease payments or monthly insurance premiums?
a. indirect costs b. implicit costs c. fixed inputs d. variable inputs
Suppose that Sandy can produce 10 economic reports or make 2 sales calls. Suppose Tim can produce 2 economic reports or make 1 sales call. Which of the following is CORRECT?
A) The opportunity cost for Sandy of producing one economics report is 1/5 of a sales call. B) The opportunity cost for Sandy of producing one sales call is 10 economics reports. C) The opportunity cost for Tim of producing one sales call is 1/2 of an economics report. D) The opportunity cost for Tim of producing one economics report is 2 sales calls.