Technology
A. does not have an effect on the amount of a good a society can produce with its given resources.
B. is the recipe for combining land, labor, physical capital, and entrepreneurship to produce a good.
C. only changes if resources change.
D. is constantly changing at every point along a production possibilities curve.
Answer: B
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If the newspaper reported that wearing plaid clothing was a sure way to obtain good grades, students'
A) budget lines would shift rightward to compensate for the higher price of plaid clothing. B) budget lines would rotate so that more plaid clothing would be purchased. C) preferences would change in favor of more plaid clothing. D) none of the above
If children can be considered durable goods, then this would help explain
(a) high birth rates among farm families. (b) small family size among farm families. (c) lower birth rates in towns than in the countryside. (d) lower birth rates in the countryside than in towns.
If the government wants to reduce the burning of fossil fuels, it should impose a tax on
a. buyers of gasoline. b. sellers of gasoline. c. either buyers or sellers of gasoline. d. whichever side of the market is less elastic.
Refer to the information provided in Figure 4.5 below to answer the question(s) that follow.
Figure 4.5Refer to Figure 4.5. If a $10.00 per CD-Rom drive tariff is levied on imported CD-Rom drives, the United States will
A. import 3 million CD-Rom drives. B. import 6 million CD-Rom drives. C. import 9 million CD-Rom drives. D. import 12 million CD-Rom drives.