An example of a transfer payment is
A) a teacher's paycheck.
B) a paycheck for a member of the National Guard.
C) a welfare payment.
D) a purchase of a new bridge in Alaska.
Answer: C
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Refer to the figure above. This country's exports equal
A) CE units of X. B) GH units of Y. C) CD units of X. D) DE units of Y.
The slope of the immediate-short-run aggregate supply curve is based on the assumption that:
A. input prices are fixed, but output prices are flexible. B. input prices are flexible, but output prices are fixed. C. neither input nor output prices are fixed. D. both input and output prices are fixed.
Table 34-4 ? Quantity Quantity Quantity Quantity ? Price per Demanded Supplied Demanded Supplied TV in United States in United States Japan Japan (dollars) (thousands) (thousands) (thousands) (thousands) 100 100 10 100 25 200 85 20 85 50 300 70 30 70 70 400 60 40 60 80 500 50 50 50 90 600 40 60 40 100 700 30 70 30 110 800 20 80 20 120 Table 34-4 presents the demand and supply schedules for television sets in Japan and the United States. If the United States and Japan decide to trade with each other, what will happen to the output of television sets in Japan?
A. TV production in Japan will fall by 10,000 units. B. TV production in Japan will fall by 20,000 units. C. TV production in Japan will fall by 30,000 units. D. TV production in Japan will increase by 10,000 units.
At the point where diminishing marginal returns of an input sets in, the:
A. Average product starts to decrease B. Marginal product starts to decrease C. Total product starts to decrease D. Average product exceeds the marginal product