The relative costs of two goods produced by two countries can be determined by comparing the ________ of their ________.
A) slopes; supply curves
B) prices; domestic production
C) slopes; production possibilities curves
D) their absolute efficiencies; production
Ans: C) slopes; production possibilities curves
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Special interest group Z receives a 1/200th slice of the economic pie. Its net benefit from both an economic growth policy and a transfer policy is $60,000. How much does the size of the economic pie (Real GDP) need to grow before group Z is indifferent between the two policies?
A. $300 B. $120,000 C. $120,000,000 D. $12,000,000 E. none of the above
Refer to Figure 9.3. If the market is in equilibrium, the consumer surplus earned by the buyer of the 100th unit is
A) $0.50. B) $0.75. C) $1.50. D) $2.00. E) $2.75.
Marc is a high school graduate and currently works as a corrections officer at a local prison. He would like to go back to school to train to become a police officer someday. The best way to describe Marc is to say he is:
A. a discouraged worker. B. unemployed. C. underemployed. D. employed.
An example of an explicit cost for the owner of a tattoo parlor would be the wages that she could earn if she worked as a graphic artist for an advertising agency
a. True b. False Indicate whether the statement is true or false