A neighbor plants flowers in their front yard, which you can view and enjoy from your window. From your perspective, this is an example of
A. an externality.
B. marginal analysis.
C. property rights.
D. an opportunity cost.
Answer: A
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By designating Federal Reserve currency as legal tender, the federal government
A) has ensured that Federal Reserve currency will serve as money. B) has guaranteed that Federal Reserve currency may be exchanged for an equivalent amount of gold or silver. C) has mandated that Federal Reserve currency be accepted for payment of debts. D) has mandated that Federal Reserve currency be accepted by citizens of foreign countries in exchange for their countries' currencies.
Adam Matsumi is an attorney who can charge legal fees above the competitive level because entry of new competitors is made more difficult by the need to hold a(n)
a. state license b. patent c. essential resource d. economy of scale e. copyright
Which of the following is a macroeconomics topic?
a. Wages of textile workers in the Northeast. b. The cost of producing 10,000 bookcases. c. The economy's annual growth rate. d. National demand for fish. e. Effects of farm subsidies on food prices.
Refer to the graph shown. If labor costs $10 per unit and machines cost $15 per unit, the economically efficient cost of producing 1,000 units of output is:
A. $100. B. $300. C. $150. D. impossible to determine using the information given.