In the United States in 2012, we produce about 1 barrel of oil for every
A) barrel of oil we export.
B) barrel of oil we import.
C) two barrels of oil we import.
D) ten barrels of oil we import.
Answer: C) two barrels of oil we import.
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Mary Jane is willing to babysit for $6 an hour. Her neighbor has asked her to babysit for $8 an hour. Assuming Mary Jane accepts the offer:
A. her accounting profit will be $8 per hour, and her economic profit will be $0 per hour. B. her economic rent will be $2 per hour. C. her consumer surplus will be $2 per hour. D. her economic profit will be $8 per hour.
Suppose the government spending multiplier is 2. The federal government cuts spending by $40 billion. What is the change in GDP if the price level is not held constant?
A) a decrease of more than $80 billion B) an increase of less than $80 billion C) an increase equal to $80 billion D) an increase of greater than $80 billion E) a decrease of less than $80 billion
A principal-agent problem occurs when
a. either a seller or buyer of labor is able to exercise a personal interest that undermines market efficiency b. wage rates are greater than efficiency wages c. wage rates are less than efficiency wages d. agents representing professionals in a labor market exercise excessive negotiating power e. agents representing professionals in a labor market are unable to represent their clients in a manner that generates maximum returns to the client
In a competitive market without intervention, pure public goods would be
A. produced but at inefficiently high quantities. B. produced but at inefficiently low quantities. C. freely available. D. not produced.