The slope of a many-worker consumption possibilities is determined by the relative price of
A. the good that is least in demand.
B. both goods in the domestic market.
C. both goods in the world market.
D. the good that is most in demand.
Answer: C
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If government imposes a price ceiling on a good that is below the market equilibrium price
A) a surplus will develop. B) a shortage will develop. C) producers will reduce their sales price. D) consumers will reduce their demand for the good.
Which of the following is true of the U.S. government?
a. The government in the United States takes the form of a single-party state where opposition parties are not legally allowed to take power. b. The size of the federal government in the U.S. has been declining since 1930. c. Employment in the government sector currently exceeds employment in the manufacturing sector. d. The U.S. federal government plays a much smaller role than state and local government due to states' rights. e. The service sector of the U.S. economy employs more number of people than the U.S. government.
Which of the following statements is true?
A) Interest rates are directly related to the price of old or existing bonds. B) The monetarist transmission mechanism is indirect whereas the Keynesian transmission mechanism is direct. C) The interest rate is the opportunity cost of holding money. D) a and b E) a, b and c
Using Figure 35.2, the opportunity cost of producing 1 pair of golf shoes in the United States is
A. 1/3 of a baseball. B. 2 baseballs. C. 3 baseballs. D. Less than the opportunity cost in Mexico.