The question below are based on the following four sets of data-pairs: (1) A and B, (2) C and D, (3) E and F, and (4) G and H. In each set, the independent variable is in the left column and the dependent variable is in the right column
The vertical intercept is 12 in which of the above data sets?
A. 1
B. 2
C. 3
D. 4
Answer: C
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According to Figure 3.2, the marginal product of labor
a. falls short of the real wage at point b. b. is higher at point a than at point e. c. equals the real wage at point c. d. All of the above e. None of the above.
The text points out that terrorism might best be thought of as
a. an ability to accomplish specific and long-lasting political goals. b. a new type of weapon. c. a temporary and diminishing threat. d. a new kind of war.
The phrase "leakages equal injections" means:
a. that money lost buying imports equals the money injected from people in foreign countries buying our exports. b. that government must purchase surplus grain and other agricultural commodities to inject enough income into the farm economy to make up for leakages due to floods and other natural disasters. c. that aggregate income arising from the production of goods and services equals the aggregate expenditures on that production. d. that total consumption of households equals total investment of the firms.
The opportunity cost of an action is:
A. the monetary payment the action required. B. the total time spent by all parties in carrying out the action. C. the value of the best opportunity that must be sacrificed in order to take the action. D. the cost of all alternative actions that could have been taken, added together.