Refer to Table 2-9. What is Japan's opportunity cost of producing one pound of rice?
A) 0.04 units of a wristwatch B) 4 wristwatches
C) 25 wristwatches D) 40 wristwatches
A
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In the DMP model,
A) Firms maximize profits. B) Firms determine how much effort they should put into filling job vacancies. C) Firms decide whether or not to enter the labor market by posting vacancies. D) Firms decide whether or not to retain or fire workers.
A point outside a production possibilities curve indicates
A) that resources are not being used efficiently. B) that resources are being used very efficiently. C) opportunity costs are constant. D) an output combination that is unobtainable with the current resource and technology levels.
Exhibit 15-6 Aggregate demand and supply model
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In Exhibit 15-6, if the aggregate demand curve is at AD1, in order to reach the full-employment levl of GDP the government should:
A. raise taxes to move to AD2. B. cut taxes to move to AD2. C. cut taxes to move to AD3. D. cut spending to move to AD2.
Economists working for Uber, along with economists from the University of Oxford and the University of Chicago, estimated the consumer surplus attributed to Uber. For the entire United States, these economists estimated that the total consumer surplus
from Uber in 2015 was A) almost $0. B) $13.30 per customer. C) $2.88 billion. D) 6.76 billion.