One unit of labor in Antardia can produce either 18 pounds of oranges or 9 pounds of apples in a month, while one unit of labor in Vanadia can produce either 16 pounds of oranges or 4 pounds of apples in a month. The opportunity costs of producing 1 pound of orange for one unit of labor in Antardia and Vanadia are:
a. 0.25 pounds of apples and 0.5 pounds of apples, respectively.
b. 9 pounds of
apples and 4 pounds of apples, respectively.
c. 0.5 pounds of apples and 0.25 pounds of apples, respectively.
d. 2 pounds of apples and 4 pounds of apples, respectively.
c
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If an economy is producing at full employment, it means that:
a. there are idle resources in this economy. b. the production is not efficient. c. the economy is producing along its production possibilities curve. d. the economy is producing at a point that is to the left of the production possibilities curve. e. the economy is producing at a point that is to the right of the production possibilities curve.
Which of the following taxes contributed the greatest percentage of total federal government tax revenues in recent years?
a. Individual income taxes b. Excise taxes c. Corporate income taxes d. Social Security taxes
Suppose that disposable income is $1,000 consumption is $700 and the MPC is 0.6. If the disposable income increases by $100, consumption and savings will equal which of the following?
A) $420/$280 B) $600/$400 C) $660/$320 D) $660/$440 E) $760/$340
Each of the following would increase the supply of U.S. dollars, shifting the supply curve for dollars to the right, EXCEPT:
A. an appreciation of the U.S. dollar relative to other currencies. B. an increase in U.S. real GDP. C. an increased preference for foreign-made goods. D. an increase in the real interest rate on foreign assets.