If a nation has a higher level of technology than another nation it means that they will be able to produce:
A. more outputs with the same inputs.
B. less with the same amount of physical capital.
C. the same output with the same level of inputs.
D. more with no capital.
Answer: A
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All of the following are economic resources, or factors of production EXCEPT
A) land. B) physical capital. C) money. D) entrepreneurship.
Suppose Jack and Kate are at the town fair and are choosing which game to play. The first game has a bag with four marbles in it-1 red marble and 3 blue ones. The player draws one marble from the bag; if it is red, they win $20 and if it is blue, they win $1. The second game has a bag with 10 marbles in it-1 red, 4 blue, and 5 green. The player draws one marble from the bag; if it is red, they win $20; if it is blue, they win $5; and if it is green, they win $1. Both games cost $5 to play. If Jack only cares about expected value, and not risk, he should decide to play a game if:
A. the expected value of the payoff is higher than the price to play the game. B. the expected value of the payoff is lower than the price to play the game. C. the expected value of the payoff is higher than the expected value of the payoff in the other game. D. the expected value of the payoff is double the price to play the game.
Which of the following statements about crowding out is false?
A. It is not caused by a budget surplus. B. It is caused by a budget deficit. C. It can completely offset the government's debt D. It affects interest rates and not economic growth.
Table 14.4Table 14.4 represents 3 markets for used motorcycles. Which of the markets in Table 14.4 are in equilibrium?
A. 1 only B. 2 only C. 3 only D. 1 and 3