Related to the Economics in Practice on p. 26: One reason for the increase in sales of frozen foods from $1 billion in 1950 to $53 billion in 2016 is the
A. increased opportunity cost of cooking frozen meals.
B. decrease in popularity of the microwave oven.
C. increased opportunity cost of preparing home-cooked meals.
D. decrease in the number of women in the labor force.
Answer: C
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The federal budget is: a. submitted by Congress to the President and contains proposals for tax increases
b. submitted by Congress to the President and contains proposals for government expenditures. c. always in balance, with receipts equal to expenditures. d. equal to government purchases plus cash and in-kind transfer payments. e. usually planned for the calendar year, which starts from January.
A business owner makes 50 items by hand in six hours. She could have earned $10 an hour working for someone else. If each item sells for $5 and the explicit costs total $14, accounting profit for 50 items is:
A. $74. B. $236. C. $176. D. $300.
An advantage of a partnership over a proprietorship is
A) limited liability. B) that profits are not taxed twice. C) the ability to take advantage of greater specialization. D) that it is easier to dissolve.
The lifetime maximum is the
A. most of covered expenses that an individual will have to pay during a year. B. percentage of a covered expense that an individual will have to pay (after the deductible is met). C. percentage of a covered expense that an insurance company will have to pay (after the deductible is met). D. most of covered expenses that an insurance company will pay on an individual over their lifetime. It was made illegal by the PPACA.