A survey of professional economists revealed that more than three-fourths of them agreed with fourteen economic propositions. Which of the following is not one of those propositions?
a. The United States should not restrict employers from outsourcing work to foreign countries.
b. The United States should withdraw from the North American Free Trade Agreement (NAFTA).
c. The United States should eliminate agricultural subsidies.
d. Local and state governments should eliminate subsidies to professional sports franchises.
b
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Explain the difference between the GDP deflator and the Consumer Price Index
What will be an ideal response?
The opportunity cost of any good or service is the
a. actual dollar cost of doing or making it. b. highest price that a seller can get for the item. c. value of the next best alternative. d. cost associated with a value judgment. e. cost of producing the good or service.
In Figure 24.2, total revenue at the profit-maximizing rate of output is
A. $22.00. B. $4.00. C. $6.40. D. $16.00.
Refer to the diagram, where variable inputs of labor are being added to a constant amount of property resources. Average variable cost will be at a minimum when the firm is hiring:
A. Q 3 workers.
B. Q 2 workers.
C. Q 1 workers.
D. more than Q 3 workers.