Refer to the above table. Assuming that opportunity costs are constant, which of the following is a correct statement?
A. Mexico has a comparative advantage in producing both goods.
B. The United States has a comparative advantage in TV production.
C. Mexico has a comparative advantage in producing TVs.
D. The United States has a comparative advantage in producing both goods.
Answer: C
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Carefully define the following terms and explain their importance in the study of macroeconomics: a. Expenditure schedule b. Saving schedule c. Equilibrium GDP d. Leakages schedule e. Injections schedule
What will be an ideal response?
Which of the following is the largest source of revenue for the federal government?
A. corporate income tax B. payroll tax C. personal income tax D. user charges
Refer to the information provided in Figure 23.3 below to answer the question(s) that follow.
Figure 23.3Refer to Figure 23.3. If aggregate income is $1,000 billion, then in this society aggregate saving is ________ billion.
A. $240 B. $300 C. $320 D. $550
The table above gives Jane's total utility from magazines and CDs. What is the marginal utility of the sixth CD?
A) 150 units B) 100 units C) 50 units D) 5 units