Refer to the figure below. If the original curves are MB1 and MC1, rational consumers will gather ________ units of information.
A. 4
B. 9
C. 6
D. 5
Answer: A
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In the above figure, what is the opportunity cost of one bushel of corn?
A) 1 bushel of soybeans B) 0.5 bushel of soybeans C) 2 bushels of soybeans D) unable to determine
As the price paid to a resource increases,
a. the supply of that resource will increase in the resource market b. the supply of that resource will decrease in the resource market c. resources will shift from other resource markets to this one d. resources will shift from this resource market to others e. resource usage will be unaffected
In deciding which programs the government should fund with tax revenues there is:
A. perfect consensus before a program is funded. B. often widespread disagreement. C. always a popular vote for new programs. D. the ability of each individual to decide where his tax dollars are spent.
Using the aggregate expenditure-output model, assume the aggregate expenditures (AE) line is above the 45-degree line at full-employment GDP. This vertical distance is called a(n):
a. inflationary gap. b. recessionary gap. c. negative GDP gap. d. marginal propensity to consume gap.