Refer to the table. In a choice between parks and education:
A. no voter decision is possible.
B. a majority of voters would favor education.
C. the outcome would depend on which item was listed first on the ballot.
D. a majority of voters would favor parks.
B. a majority of voters would favor education.
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Last year U.S. net exports of goods and services was negative. This fact means that last year
A) there was an error made when calculating net exports of goods and services for the United States. B) the value of U.S. exports was greater than the value of U.S. imports. C) the value of U.S. exports was less than the value of U.S. imports. D) U.S. consumption expenditure plus investment was less than the value of exports plus the value of imports. E) U.S. consumption expenditure plus investment plus government expenditures on goods and services was less than the value of exports plus the value of imports.
Assume that the fixed exchange rate system of 100 pesos = 1 dollar is above the equilibrium exchange rate of 90 pesos= 1 dollar in a flexible exchange rate system. Then the dollar would be
a. undervalued and the peso would be overvalued. b. overvalued and the peso would be undervalued. c. revalued. d. depreciated and the peso would be appreciated.
A general principle of regulation is:
A. the need to reduce regulations over time. B. set as few bad precedents as possible. C. do not offset the moral hazard problem. D. let banks fail regardless of the effect on the economy.
In the above table, what is the average total cost to produce 4 units of output?
A. $20 B. $55 C. $60 D. $30