after-tax income of consumers & personal income less personal taxes
What will be an ideal response?
disposable income
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If output more than doubles when all inputs are doubled, production is said to occur under conditions of
A) increasing returns to scale. B) imperfect competition. C) intraindustry trade. D) interindustry trade.
An economy has two workers, Jen and Rich. Every day they work, Jen can produce 2 TVs or 10 radios, and Rich can produce 4 TVs or 12 radios. What is the opportunity cost for Rich to produce one radio?
A. 4 TVs B. 1/3 TV C. 1/6 TV D. 1/12 TV
Refer to the data. Assuming that the firm is motivated by self-interest and that the 20 units that can be produced with each technique can be sold for $2 per unit, the firm will:
Answer the question using the following data, which show all available techniques for producing 20 units of a particular commodity:
A. realize an economic profit of $10.
B. realize an economic profit of $4.
C. not earn any economic profit.
D. shut down rather than incur a loss by producing.
Krueger, Mitman, and Perri found that, following severe recessions,
A. the cost of losing one's job varies inversely with one's wealth. B. the economy rebounded more quickly and more strongly. C. unemployment became higher for people with higher levels of education. D. the rate of discouraged workers declined.