Why are people today, in general, better fed, sheltered, and protected against disease than people were in the past?
a. increased economic growth
b. lowered production costs
c. more charitable organizations
d. less government interference
a. increased economic growth
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Suppose Zia spends her time picking berries and apples. Her production set is described by the equation , where is the number of berries and y the number of apples. Which of the following statements will be true?
a. 25 apples and 10 berries is achievable but inefficient. b. 10 berries and 2 apples is efficient but unachievable. c. 20 apples and 5 berries is an inefficient level of production. d. 30 berries and 5 apples is an efficient level of production.
Your text considers both the low savings and high savings nations and concludes what about the relationship between government budgets and the current account?
What will be an ideal response?
At an output level of 100, a monopolist faces MC = 15 and MR = 17. At output level q = 101, the monopolist's MC = 16 and MR = 15. To maximize profits, the firm
A) should produce 100 units. B) should produce 101 units. C) cannot maximize profits. D) is not a monopoly.
Which of the following is a normative statement?
a. The deduction for state taxes cost the federal government $100 billion per year. b. Taxpayers in North Carolina pay state taxes which are above the national average. c. Twenty-two states use a lottery to raise state taxes. d. Congress is considering the president's tax plan to increase taxes which is a fair plan.