Arguments against the balanced budget amendment include which of the following?
A) A balanced budget amendment would increase capital formation.
B) A balanced budget amendment would exert fiscal discipline on the federal government.
C) A balanced budget amendment would limit Congress' ability to use fiscal policy during a recession.
D) A balanced budget amendment would reduce the taxation burden on future generations.
C
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If Ross decides to ride his bike this afternoon, he will miss his favorite television show, and he won't have time to study for his economics test. If Ross doesn't ride his bike, he'll choose to watch the television show instead. (He cannot both watch television and study for the test.) Ross's opportunity cost of riding the bike is
a. the value to Ross of watching the television show. b. the value to Ross of studying for the test. c. the value of watching the television show plus the value of studying for the test. d. the value of watching the television show minus the value of studying for the test. e. the value to Ross of riding his bike minus the value of watching the television show.
Which of the following is an example of an intermediate good?
A. A metal-stamping machine used to produce cars sold to an automaker B. A new mobile phone sold to a teenager C. A new car sold to a family D. A new speaker system sold to an automaker for installation in a car
To maximize profits, a firm should continue to increase production of a good until:
A. profits are zero. B. total revenue equals total cost. C. average cost equals average revenue. D. marginal revenue equals marginal cost.
Refer to the information provided in the table below to answer the following question. Table 7.3
Refer to Table 7.3. Suppose output varies, ceteris paribus, with labor input in the following manner displayed above. After how many units of labor do diminishing returns set in?
A. 3 B. 4 C. 5 D. They do not set in.