The United States was able to produce temporarily outside its production possibilities curve for several years during World War II by doing which of the following?
A. Recruiting housewives to work in tank and airplane factories.
B. Convincing workers who qualified for retirement to put off retirement.
C. Pressing older machinery and equipment into use.
D. Expansion of the work week.
E. All of the choices are true
E. All of the choices are true
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Though he has retired as a professional football receiver, Jerry Rice still earns a sizeable annual income from endorsements. His economic rent is so high because
A. football fans tend to spend a substantial amount of money on sports memorabilia. B. there is still a high demand for his star appeal. C. he is a successful coach in the National Football League. D. people do not like NFL players.
The preceding table gives monthly production information for Peter's Peanuts, a firm in a perfectly competitive industry. Initially the market price of peanuts is $2.00 per pound
If the market price of peanuts fall to $1 per pound and a worker costs $800 per month, how many workers will Peter employ to maximize his profit? A) zero B) two C) three D) four
How does a government-sponsored good differ from a public good?
What will be an ideal response?
One big difference between tariffs and quotas is that tariffs
a. raise the price of a good while quotas lower it b. generate tax revenues while quotas do not c. stimulate international trade while quotas inhibit it d. hurt domestic producers while quotas help them e. generate the same outcome as free trade while quotas do not