If a goat bites a visitor at a petting zoo, the owner would be covered by
a. Workers' compensation
b. Property insurance
c. Renter's insurance
d. None of the above
Answer is b. Property insurance
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The only way to reduce the national debt is to run budget surpluses.
Answer the following statement true (T) or false (F)
Which of the following is most consistent with the basic postulate of economics: changes in incentives exert a predictable impact on human behavior?
a. Farmers produce fewer bushels of wheat in response to an increase in the price of wheat. b. People will buy more milk at a price of $3 per gallon than at $2 per gallon. c. People will buy less gas if the price of gas increases by $0.50 per gallon. d. People will consume more beef if the price increases from $1 to $2 per pound.
Which of the following helped the U.S. economy recover following the recession of 2001?
a. The U.S. government increased spending to fight the war on terror. b. A series of corporate scandals decreased consumer confidence. c. The U.S. government increased interest rates to boost saving. d. Consumers rapidly increased their purchases and increased aggregate demand.
Max has allocated $100 toward meats for his barbecue. His budget line and indifference map are shown in the above figure. If the price of burger increases, which of the following bundles are in Max's opportunity set?
A) b, d, e B) d, e C) a, b, c, d, e D) None of the labeled points are in Max's opportunity set.