Answer the question on the basis of the following information for four highway programs of increasing scope. All figures are in millions of dollars. The data indicate that
What will be an ideal response?
the marginal cost and marginal benefit of Program A are $2 and $9, respectively.
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Refer to Figure 4-1. If the market price is $1.00, what is Arnold's consumer surplus?
A) $1.00 B) $2.00 C) $3.00 D) $7.00
When the wage increases, the substitution effect in the household's choices leads to
A) a decrease in consumption and leisure. B) a decrease in consumption and an increase in leisure. C) an increase in consumption and a decrease in leisure. D) an increase in consumption and leisure.
One example of an automatic stabilizer is ______.
a. Social Security b. government payrolls c. food stamps d. stock prices
The nominal interest rate is the sum of the
A. real interest rate and the historic rate of inflation. B. real interest rate and the expected rate of inflation. C. historic rate of inflation and the expected rate of inflation. D. expected rate of inflation and the rate of price level increase.