Generally, in a recession, more homes are built.
Answer the following statement true (T) or false (F)
False
Generally, in a recession, fewer homes are built.
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The income per capita of Country 1 in a certain year was 1,800 in its own currency while that of Country 2 was 32,000 in its own currency
i) If 1 unit of Country 1's currency is worth 6. 5 units of Country 2's currency, which country has a higher income per capita? ii) Which country is likely to have a higher Human Development Index and why?
The above figure shows the market for blouses. The government decides to impose the sales tax on sellers, as shown in the figure. The government would raise more tax revenue from this excise tax if
A) the demand was more inelastic. B) it places a price ceiling on blouses in addition to the tax. C) it places a price floor on blouses in addition to the tax. D) all of the above.
If a major league baseball player would be willing to work for $500,000 per year and is currently being paid $1,200,000 per year, the opportunity cost of his decision to play baseball is
A) $500,000. B) $1,200,000. C) $1,700,000. D) $700,000.
Which of the following concepts are illustrated by the production possibilities curve?
a. scarcity b. choice c. trade-offs d. all of the above