An In the News article titled "U.S. Winemakers Hurt by Imported Wine" discusses foreign wine sold in the U.S. market. California grape growers' main complaint was that
A. California wineries were not buying domestic grapes but were selling wine and calling it "100% pure American."
B. The growing strength of the dollar makes it hard to compete
C. The weather had hurt their business.
D. The state had removed all subsidies due to the financial crisis that had left the budget in disarray.
Answer: B
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Bill can cook dinner in 45 minutes and mow the lawn in 1.5 hours. Eileen can cook dinner in 1.5 hours and mow the lawn in 2 hours. Bill's opportunity cost of mowing the lawn is
a. 1/2 of a dinner b. 2 dinners c. 3/4 of a dinner d. 1-1/3 dinners e. 2-2/3 dinners
When graphed, the total cost of production will
a. intercept the vertical axis at the level of fixed cost b. first slope down, then slope up c. slope down forever d. first slope up, then slope down e. be a horizontal line
Economists define full employment as the level of employment that results when
a. the economy is in an economic boom. b. the rate of unemployment is zero. c. the rate of unemployment has fallen to its historical low of approximately two percent. d. the rate of unemployment is normal, considering both frictional and structural factors.
Relative to direct cash payments, in-kind transfers have the advantage of being
a. more politically popular. b. more efficient. c. more respectful of the poor. d. of a higher dollar value than cash payments.