The above figure gives your budget line between CDs and magazines. The slope of the budget line is ________ CD per magazine
A) 1/2
B) -1/2
C) -1
D) -2
B
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What happened to the average person’s standard of living when Great Britain and the United States experienced free trade, low tax rates, low levels of government regulations, and strong protection of private property?
a. The average person’s standard of living did not change. b. The average person’s standard of living increased substantially. c. The average person’s standard of living decreased substantially. d. The average person’s standard of living was not affected by these conditions.
How is the issue of the "free rider" relevant to the discussion of whether access to medical care is a fundamental right?
a. The socially responsible approach is to provide free access to all the medical care a person desires. b. As long as there is excess capacity in the medical care system, providing free access to care does not present a resource allocation problem. c. The free rider argument is based on the idea that access to medical care should be free and available to everyone. d. Providing medical care at zero cost will maximize social welfare.
Which of the following created an agency to identify anticompetitive practices?
A.) The Sherman Act B.) The Clayton Act C.) The Federal Trade Commission Act D.) The Federal Reserve Act
Table 1.3 shows the hypothetical trade-off between different combinations of brushes and combs that might be produced in a year with the limited capacity for Country X, ceteris paribus.Table 1.3Production Possibilities for Brushes and CombsCombinationNumber of combsOpportunity Cost(Foregone brushes)Number of brushesOpportunity Cost (Foregone combs)J4 0NAK3 10 L2 17 M1 21 N0NA23 On the basis of Table 1.3, the lowest opportunity cost for combs in terms of brushes is
A. 0.33 brush per comb. B. 10 brushes per comb. C. 2 brushes per comb. D. 8.5 brushes per comb.