As an economy moves from point to point along its production possibilities curve, which one of the following variables changes?
A) the total amount of resources employed
B) the level of technology
C) the time frame under consideration
D) the amount of each good or service produced
D
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Which of the following is the most likely cause of a recession according to the real business cycle model?
a. an unanticipated change in the money supply. b. an increase in taxation, government spending, and regulation. c. a fall in expected profits. d. an anticipated change in the money supply. e. none of the above.
Using the above figure, which of the lines in the above diagram represents a proportional tax?
A) A B) B C) C D) none of them
Brett is equally qualified for two different jobs -- video store clerk and coffee shop cashier. Brett is initially indifferent between the two jobs but when he finds out that they pay the same wage he prefers the job at the video store. This must mean that
a. the coffee shop pays a compensating wage differential. b. the video store must be in a dangerous neighborhood. c. the video job pays a compensating wage differential. d. Brett decides he likes videos more than coffee. e. the video job would require him to work harder.
The purpose of the Clean Air Act (1970) was to:
A. control negative externalities. B. improve competition across international markets. C. reduce market power. D. help make information easily obtainable for producers and consumers.