What statement best describes the relationship between average monthly water bills and precipitation levels in the United States?
a. Water bills are clearly higher where precipitation is lowest
b. Water bills are clearly higher where precipitation is highest
c. Water bills are mostly unrelated to precipitation levels
d. Water bills are linked to precipitation only in Eastern cities
e. Water bills are linked to precipitation only in Western cities
Ans: c. Water bills are mostly unrelated to precipitation levels
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Starting from long-run equilibrium, a war that raises government purchases results in ________ output in the short run and ________ output in the long run.
A. lower; potential B. higher; potential C. higher; higher D. lower; higher
If private savings equals $1.2 billion and private investment equals $1.5 billion, then there is a
A) current account balance. B) government sector deficit. C) private sector deficit. D) private sector surplus. E) government sector surplus.
Which price in Figure 4-21 is equilibrium?
A. P1 B. P2 C. P3 D. There is no equilibrium price in the diagram.
The opportunity cost of taking an on-line history class is
A) the cost of tuition and fees only. B) zero because there is no classroom time involved if you are enrolled in the course. C) the value of the time spent on line. D) the knowledge and enjoyment you receive from taking the class. E) equal to the highest value of an alternative use of the time and money spent on the class.