Refer to Table 2-11. What is South Korea's opportunity cost of producing one pound of wheat?
A) 60 digital cameras B) 20 digital cameras
C) 5 digital cameras D) 0.05 units of a digital camera
D
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If I own a share of stock in IBM, I own
a. only the right to vote in elections of corporate directors b. a claim to a share of IBM's assets and earnings as well as the right to demand annual dividend payments c. the right to demand annual dividend payments as well as the right to vote in elections of corporate directors d. only the right to demand annual dividend payments e. a claim to a share of IBM's assets and earnings as well as the right to vote in elections of corporate directors
Problems with the federal government budget process include: a. tough choices to be made by Congress each year on which entitlement programs will receive full support. b. the constitutional requirement of Congress to balance the budget on an annual basis
c. an overly detailed budget that allows Congress to reward friends, thereby discouraging restraint on spending. d. a short review period for Congress that results in poor choices in funding programs. e. Congress having too much control over the budgetary process.
Consumption depends on:
A. pre-tax income. B. total income. C. disposable income. D. Consumption is unrelated to income.
Which of the following statements is FALSE?
A. The value of total income is equal in value to total output because profit is a cost of production. B. Businesses sell goods and services to households who use their income to pay for them. C. Total income is always greater than total output. D. In the circular flow model, households sell factor services to businesses in return for factor payments.