Refer to Table 24-10. How much was the cost of the basket in 2008?
a. $78.25
b. $84.75
c. $169.50
d. $456.50
Answer: c. $169.50
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An economy can produce various combinations of food and shelter along a production possibilities curve (PPC). Suppose a technological innovation resulted in a new, higher-yielding crop that generated more bushels of grain for a given set of land, labor, and capital resources. If this innovation did not affect the productivity of shelter production, then which of the following would be true?
a. The production possibilities curve (PPC) will shift outward equally along both axes of the graph. b. The PPC will not change. c. The PPC will rotate outward along the food axis, but will not shift on the shelter axis. d. The PPC will rotate inward along the food axis, but will not shift on the shelter axis.
Describe the origins and reasons for the establishment of health savings accounts
What will be an ideal response?
The above figure shows a nation's production function. Point B is ________ and ________ because ________
A) unattainable; inefficient; the nation is using resources efficiently but they could be more efficient B) unattainable; inefficient; the nation is using resources inefficiently C) attainable; inefficient; the nation is using resources inefficiently D) unattainable; efficient; the nation would be using resources efficiently if they could attain this level of production E) attainable; efficient; the nation is using resources efficiently
Diminishing returns along a production function means that each additional hour of labor employed
A) produces a successively smaller additional amount of real GDP. B) produces a successively larger additional amount of real GDP. C) produces a constant additional amount of real GDP. D) does not produce any additional real GDP. E) forces the real wage rate to rise.