Refer to the information provided in Table 20.2 below to answer the question(s) that follow.
Table 20.2
Refer to Table 20.2. In China, the opportunity cost of
A. a motorcycle is 1/30 of a tractor.
B. a tractor is 10 motorcycles.
C. a motorcycle is 10 tractors.
D. a tractor is 1 motorcycle.
Answer: B
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Using the table, Fred's marginal cost of the 200th slice of pizza is
A) $2.50. B) $6. C) $0.50. D) $20.
The Taylor rule accurately predicted the changes in the federal funds target during the period
A) when Alan Greenspan was the chairman of the Federal Reserve Board. B) when Paul Volcker was the chairman of the Federal Reserve Board. C) when William McChesney Martin was the chairman of the Federal Reserve Board. D) when Arthur Burns was the chairman of the Federal Reserve Board.
Exhibit 30-3 Costs of Eliminating:Firm A Firm B Firm C 1st ton of pollution$ 30 $ 50 $ 600 2nd ton of pollution$ 70 $ 90 $ 700 3rd ton of pollution$125 $150 $ 900 4th ton of pollution$200 $250 $1,300 Refer to Exhibit 30-3. What is the cost to Firm A of eliminating 2 tons of pollution?
A. $100 B. $200 C. $700 D. $425 E. $1,500
A recessionary gap:
a. is of little consequence in a capitalist economy. b. represents actual physical output lost. c. implies an equilibrium level of output less than the full-employment level. d. is associated with rising labor prices. e. will automatically close, according to the Keynesian model.