Refer to the following graph.
The maximum amount of good B can be consumed in this economy with international trade is
A. G units.
B. Q units.
C. P units.
D. F units.
Answer: D
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"Household production" refers to
A) goods and services people produce for themselves. B) the manufacturing of durable household products. C) home-based craft businesses. D) the home building sector of the economy.
In a system of 100-percent-reserve banking,
a. banks do not accept deposits. b. banks do not influence the supply of money. c. loans are the only asset item for banks. d. All of the above are correct.
Supposing a college education is choosing between a modestly expensive school ($100,000 over 4 years) and a less expensive school ($40,000 over 4 years), the student should
A. choose the more expensive school only if the present value of the difference in salary is $60,000 or less. B. choose the more expensive school only if the present value of the difference in salary is $60,000 or more. C. choose the more expensive school only if the difference in salary will total $60,000 or more. D. choose the more expensive school only if the difference in salary will total $60,000 or less.
The curve that illustrates that higher tax rates could lead to lower tax revenues if economic activity is severely discouraged is called:
A. the Laffer Curve. B. the Phillips Curve. C. the aggregate demand curve. D. the production possibility curve.