In the famous allegorical work The Wonderful Wizard of Oz, the symbol for William Jennings Bryant (one-time leader of the free-silver movement) was the
A) Yellow brick road.
B) Scarecrow.
C) Lion.
D) dog named Toto.
C
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The principle of diminishing returns to capital states that if the amount of labor and other inputs employed is held constant, then the greater the amount of capital in use the
A. the less an additional unit of capital adds to production. B. less is produced. C. the more an additional unit of capital adds to production. D. less production is wasted.
During the first 6 months of 2008, the United States imported more than 1.6 billion pounds of coffee. Suppose the United States is considering placing trade restrictions on the importation of coffee
What would be a potential consequence of such a trade restriction? A) The U.S. price of coffee would increase. B) U.S. consumers would drink more coffee. C) The quantity of coffee imported into the United States would increase. D) U.S. consumer surplus from coffee would increase.
Becky decides to spend $50 per month on DVD rentals and movie tickets. Her marginal utility schedules from these two goods are shown in the table above. The price of a DVD rental is $2.50, and the price of a movie ticket is $5
Suppose Becky rents 8 DVDs and buys 6 movie tickets per month. She A) cannot increase her total utility because she already gets the maximum possible utility from DVD rentals and movies within her budget. B) can increase her total utility if she rents more DVDs and buys more movie tickets. C) can increase her total utility if she rents more DVDs and buys fewer movie tickets. D) can increase her total utility if she rents fewer DVDs and buys more movie tickets.
If deviations from trend in a macroeconomic variable are positively correlated with deviations from trend in real GDP, that variable is said to be
A) useful in predicting future movements in real GDP. B) procyclical. C) countercyclical. D) acyclical.