The group of economists that has stressed the idea of government failure is:
A. neo-Keynesian economists.
B. Pre-Marxian economists.
C. mainstream economists.
D. public choice economists.
Answer: D
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Suppose production in Spain and Portugal are not subject to the law of increasing cost and that Spain specializes in shoes while Portugal specializes in meat. If the opportunity cost of producing a pair of shoes in Spain is 3 pounds of meat, then we know that
a. Portugal consumes more meat than shoes b. Spain consumes more meat than shoes c. The opportunity cost of producing shoes in Portugal is more than 3 meats d. The opportunity cost of producing shoes in Portugal is less than 3 meats e. The opportunity cost of producing meat in Portugal must be 3 shoes
Which of the following was not a contributing factor to the housing market boom of the 2000s?
A. Mortgages with no or little money down B. Scant concern given to people's ability to meet the mortgage payment C. Low interest rates D. The merging of large banks giving them more assets
In Figure 8.10, airline Fly Smart is initially a secure monopoly between two cities X and Y at point M, serving 300 passengers per day at the profit-maximizing price of $300 per ticket. What is Fly Smart's profit per ticket?
A. $200 B. $120 C. $80 D. $0
Specialization and international trade lead to
A. an enhanced level of consumption. B. an outward shift in the production possibilities curve. C. a lower opportunity cost of domestic production of all goods. D. an inward shift in the consumption possibilities frontier.