John has decided to view the solar eclipse tomorrow. The eclipse is an example of
A) a good.
B) an economic good.
C) a service.
D) entrepreneurship.
A
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Congress passed the Clean Air Act in 1970. Since this act was passed, emissions of the six main air pollutants
A) have increased significantly due to the growth of the U.S. economy. B) cannot be measured since Congress failed to appropriate money to monitor the level of emissions. C) have fallen by more than one-half. D) have remained essentially constant, even though significant economic growth has occurred in the United States since 1970.
Juanita, a lawyer, can type faster than Jill, her secretary. Jill, on the other hand, does not have the ability or skills to practice law. Applying the principles of international trade to this situation, an economic consultant advises Juanita to
a. fire Jill, practice law and do the typing because she's better at both b. practice law and leave all the typing to Jill c. divide her time equally between typing and practicing law d. quit law and concentrate on typing because that's her comparative advantage e. quit law and concentrate on typing because that's her absolute advantage
The marginal-cost curve intersects the average-total-cost curve at the minimum point of the average-total-cost curve
a. True b. False Indicate whether the statement is true or false
A highly leveraged bank risks ______.
a. missing out on massive profits b. being unable to borrow from the Fed c. going bankrupt if the value of its assets falls d. losing up to the total amount of its initial investment