Assuming that the part of the government's budget used for military expenditures reduces the amount available for consumption expenditures and that the benefits to military expenditures take longer to accrue than consumption expenditures, _____
decision-makers will _____. a. democratic; be biased against military spending b. democratic; be biased in favor of military spending c. autocratic; be biased in favor of consumption
d. autocratic; be biased in favor of military spending
a
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Refer to Mexico and Japan. What is the cost of producing 1 bolt of clothing in Mexico?
a. 6 hours of labor.
b. 2 bushels of food.
c. 3 bushels of imported Japanese food.
d. 4 bolts of imported Japanese cloth.
Refer to the Article Summary. The increase in GDP discussed in the article summary was due in part to increases in commercial and residential construction
Increases in commercial and residential construction will cause a(n) ________ the aggregate expenditure curve. A) movement down along B) downward shift of C) upward shift of D) movement up along
Figure 7-4
Following a rash of airplane bombs, the airlines have been forced to increase security at a cost of $30 million per year. The number of inspectors and machines does not vary with the number of passengers; the airlines must have sufficient staff available to handle the full-capacity load. Which graph in Figure 7-4 best illustrates the impact of the security expenditures?
A. 1 B. 2 C. 3 D. 4
If Matthew raises the price of his muffins from $2 to $3 and his total revenue increases from $35,000 to $38,000 . then
a. the demand for Matthew's muffins in this price range is price elastic b. the demand for Matthew's muffins in this price range is price inelastic c. the demand for Matthew's muffins in this price range is unit elastic d. the percentage change in quantity demanded must exceed the percentage change in price e. we know this is impossible because it violates the law of demand