Which of the following is a theoretically possible value for the 80/20 ratio?
A. -1
B. 1,000
C. 0.5
D. 0
Answer: B
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In the figure above, Jill is producing at point A. Jill's opportunity cost producing one pair of pants is
A) 2 shirts per pair of pants. B) 3 shirts per pair of pants. C) 3/5 of a shirt per pair of pants. D) 5/3 of a shirt per pair of pants.
The above figure shows the marginal social benefit, marginal private cost and marginal social cost of producing steel. What is the efficient quantity of steel?
A) 0 tons B) 2 tons C) 4 tons D) 8 tons
In terms of fiscal policy, which of the following is an example of a fiscal automatic stabilizer?
A. The rise in tax revenue that occurs as a result of growth in real GDP B. The reduction in wages that occurs as the economy goes into a recession C. The reduction in the money supply that occurs as banks become less willing to make loans during a recession D. The increase in government spending that occurs as the result of new spending bills passed by Congress
If a government enacts a price floor on agricultural products to protect wheat farmers, the result is likely going to be
a. an increase in price with a surplus of wheat. b. an increase in price with a shortage of wheat. c. a decrease in price with a surplus of wheat. d. a decrease in price with a shortage of wheat.