Refer to the information provided in Figure 6.2 below to answer the question(s) that follow.
Figure 6.2Refer to Figure 6.2. Assume Mr. Lingle is on budget constraint AC. If the price of a beer is $2.50, Mr. Lingle's monthly income is
A. $40.
B. $100.
C. $125.
D. $200.
Answer: B
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Compared to 1929, total output in the U.S. today is approximately ________ times larger.
A. 5 B. 25 C. 2 D. 15
Which of the following would be considered a "leisure" activity by economists?
A. Mopping the floor at McDonald's for minimum wage B. Mopping your kitchen floor C. Folding sweaters while working at the Gap D. None of these activities would be considered leisure.
Which of these is an example of a contractionary fiscal policy?
a. A decrease in the sales tax rate b. An increase in unemployment insurance c. An increase in the excise tax rate d. A decrease in import duty
If the marginal cost of producing the fifth unit of output is higher than the marginal cost of producing the fourth unit of output, then at five units of output, average total cost must be rising
a. True b. False Indicate whether the statement is true or false