In the linear equation y = mx + b, an increase in b will:
A. shift the curve down.
B. shift the curve up.
C. cause the curve to become flatter.
D. cause the curve to become steeper.
Answer: B
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The reason only newly produced goods and services are counted in GDP is that ________
A) it is very difficult to impute a value to used goods B) most expenditures on used goods and services take place outside the market C) it does not help economists make better economic predictions because second-hand goods rarely have any residual value D) it allows economists to avoid double counting the production of goods and services E) none of the above
Your neighbor in an apartment complex plays his music very loudly late at night, which makes it difficult for you to get to sleep
You offer the neighbor $50, the monetary value you put on your sleep, to never play his music between midnight and 7 AM. By doing so A) you have failed to bring about an efficient solution since you should have complained to the police. B) you have indicated the cost of the externality. The externality is not internalized even if he accepts your offer. C) you have indicated the cost of the externality, which internalizes the externality. D) you have indicated a willingness to make the external cost a social cost.
Refer to the information provided in Figure 3.13 below to answer the question(s) that follow.
Figure 3.13Refer to Figure 3.13. An increase in the number of cattle ranchers will cause a movement from
A. Point B to Point A. B. D2 to D1. C. S2 to S1. D. Point G to Point F.
Answer the next question on the basis of the following production possibilities tables for two countries.Latalia's Production Possibilities ABCDEPork (tons)43210Beans (tons)05101520Trombonia's Production Possibilities ABCDEPork (tons)86420Beans (tons)06121824Which of the following would be feasible terms for trade between Latalia and Trombonia?
A. 2 tons of beans for 1 ton of pork B. 1 ton of beans for 1 ton of pork C. 6 tons of beans for 1 ton of pork D. 4 tons of beans for 1 ton of pork