People's preferences about the present are ____________ with their preferences about the future, simply because the future choices are ____________.
A. inconsistent; more distant
B. consistent; more distant
C. inconsistent; harder to predict
D. consistent; easier to predict
A. inconsistent; more distant
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The above figure shows the production possibility frontier for a country. Suppose the country is producing at point A. What is the opportunity cost of increasing the production of rice to 12 tons?
A) 6 thousand bottles of wine B) 9 thousand bottles of wine C) 15 thousand bottles of wine D) 12 tons of rice E) Nothing, it is a free lunch.
Which of the following is false?
A. The completion of the national railroad network by 1890 led to the development of a national American market rather than just a series of smaller regional markets. B. Northern manufacturers benefited from high protective tariffs, which kept out cheaper British goods. C. The U.S. was the first mass-consumption society. D. Aside from slavery, southern and northern agriculture were very similar.
In the long run, a tax placed on a perfectly competitive industry should have what effect on the entire market?
A. Not affect the total amount of the good sold. B. Increase the total amount of the good sold. C. Decrease the total amount of the good sold. D. One cannot tell.
In the long run, price elasticities of demand are usually
A. greater than they are in the short run because consumers have time to adjust. B. the same as they are in the short run because tastes don't change. C. less than they are in the short run because prices rise over time. D. less than they are in the short run because real prices fall over time.