Figure 3-7
What is the opportunity cost of moving from point B to point A in Figure 3-7?
A. 20 units of X
B. 50 units of X
C. 25 units of X
D. 75 units of X
Answer: B
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The federal budget is decided upon by the
A) President of the United States and the United States Treasury. B) the United States Treasury alone. C) President of the United States and the United States Congress. D) President of the United States and the Federal Reserve system. E) United States Congress and the Federal Reserve System.
In the figure above, which movement could be the result of the development of a new, more efficient refining technology?
A) point a to point e B) point a to point b C) point a to point c D) point a to point d
A decrease in federal income tax rates is an example of fiscal policy that affects GDP through consumption adjustments
a. True b. False Indicate whether the statement is true or false
When economists talk about growth in the economy, they measure that growth as the
a. absolute change in nominal GDP from one period to another. b. percentage change in nominal GDP from one period to another. c. absolute change in real GDP from one period to another. d. percentage change in real GDP from one period to another.