Select the letter of the diagram in Figure 28.1 that best represents the effect of each event on the United States wheat market, ceteris paribus: The federal government restricts the amount of agricultural products that can be imported. (See Figure 29.4.)
A. a.
B. b.
C. c.
D. d.
Answer: A
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The fallacy of composition is:
a. the erroneous view that an economic activity can sometimes exceed the sum of its components b. the erroneous view that what is true for the individual will also be true for the group. c. the view that the aggregation of economic activity will necessarily lead to an outcome that is different than the outcome generated by each individual in the group. d. the idea that association need not imply causation.
Serena purchased 10 shares of GLC, Inc stock for $200 per share; one year later she sold the 10 shares for $220 a share. Over the year, the price level increased from 135.0 to 143.1 . The tax rate on capital gains is 50 percent. If the capital gains tax is on nominal gains, how much tax does Serena pay on her gain?
a. $90 b. $95 c. $100 d. None of the above is correct.
Suppose output for a simple production process is given by Q = K + L, where K denotes capital, and L denotes labor. The price of labor is $2 per unit and the price of capital is $4 per unit. What would be the minimum costs of producing 10 units of output?
A. $10 B. $40 C. $20 D. It is impossible to say with the information given
Which of the following is not important for the development of human capital?
A. Immunizations and basic health care. B. High levels of military spending. C. Educational opportunities. D. Access to water and sanitation.