Tariffs are highest in which sector internationally?
A) Agriculture
B) Energy
C) Technology
D) Automobiles
A
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The Cost-Benefit Principle predicts that a person:
A. should take an action if its cost increases. B. is more likely to take an action if its cost increases. C. is more likely to take an action if its benefit increases. D. should take an action if its benefit increases.
The above figure shows the utility of wealth curve for a homeowner whose only possession is a $50,000 house. If there is a 20 percent chance that the home could be entirely destroyed, what is the person's cost of risk?
A) $10,000 B) $20,000 C) $30,000 D) $40,000
Which of the following is an appropriate discretionary fiscal policy if equilibrium real GDP falls below potential real GDP?
A) an increase in government purchases B) an increase in the supply of money C) an increase in individual income taxes D) a decrease in transfer payments
The firm depicted in Figure 8.1 is:
A) earning a positive economic profit. B) incurring an economic loss and should shut down. C) incurring an economic loss but it should continue to operate in the short run so long as price exceeds average variable costs. D) earning a zero economic profit.