Do automatic fiscal stabilizers eliminate business cycles?
A) Yes
B) No, because they have no effect if the business cycle is the result of some unanticipated change
C) No, but they do moderate business cycles
D) No, they increase the likelihood that a business cycle occurs
E) No, they make business cycle fluctuations more severe
C
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Scott and Cindy both produce only pizza and tacos. In one hour, Scott can produce 20 pizzas or 40 tacos. In one hour, Cindy can produce 30 pizzas or 40 tacos. Scott's opportunity cost of producing 1 taco is
A) 1/2 of a pizza. B) 1 pizza. C) 2 pizzas. D) 20 pizzas. E) 2 tacos.
The famous saying, "There is no such thing as a free lunch" means
A) we do not live in a free country. B) the value of our dollar keeps declining. C) people face tradeoffs. D) people do not care about others enough.
All of the following costs will vary depending on the geographic location of a firm's plant except which one?
A) zoning issues B) wages C) U.S. income taxes D) real estate values
Between 1950 and today there was a
a. 20 percent drop in the number of farmers, but farm output increased by more than ten times. b. 30 percent drop in the number of farmers, but farm output more than tripled. c. 40 percent drop in the number of farmers, but farm output more than doubled. d. 70 percent drop in the number of farmers, but farm output increased by about five times.