Which of the following is NOT a reason to study economics?
a. To prepare for other careers
b. To achieve social change
c. To understand the world better
d. To reduce taxes on corporations
Ans: d. To reduce taxes on corporations
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If all resources used in the production of a product are increased by 20% and total output increases by 20%, then the firm must be experiencing
A. diseconomies of scale. B. economies of scale. C. increasing average total costs. D. constant returns to scale.
The Federal Reserve System is composed of:
A. three branches with overlapping responsibilities. B. six branches with overlapping responsibilities. C. twelve branches with clear responsibilities. D. five branches with clear responsibilities.
Eliminating trade barriers does all of the following except
A) increases economic efficiency. B) lowers the average standard of living in a country. C) lowers domestic prices. D) All of the above occur when trade barriers are eliminated.
Refer to the information provided in Figure 24.1 below to answer the question(s) that follow.
Figure 24.1Refer to Figure 24.1. At equilibrium, the part of consumption that is dependent on income equals $________ billion.
A. $2,000 B. $1,500 C. $1,000 D. cannot be determined from the given information