Which of the following would NOT be an example of a technological change?
A. Google develops a new way to perform Internet searches that makes searches produce more relevant results.
B. A team of nuclear scientists develop a new way of generating nuclear power that is safer than the older methods but is more expensive to implement.
C. The government passes a law expanding the funding available to NASA and other agencies concerned with the advancement of basic science.
D. A pharmaceutical company develops a new drug that effectively fights malaria.
Answer: C
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The reduction in consumer and producer surplus that results from underproduction is called
A) an internal cost. B) a deadweight loss. C) a quantity loss. D) None of the above answers is correct.
Karole's income rises from $50,000 to $75,000 and her income tax increases from $8,000 to $9,500.Her average tax rate is 6%
a. True b. False Indicate whether the statement is true or false
The consumer is in equilibrium when
A) MRT = MRS. B) Px/Py=MUx/MUy C) the budget line is tangent to the indifference curve at the bundle chosen. D) All of the above.
Refer to the information provided in Figure 2.4 below to answer the question(s) that follow.
Figure 2.4According to Figure 2.4, as the economy moves from Point A to Point E, the opportunity cost of motorcycles, measured in terms of hybrid cars
A. remains constant. B. decreases. C. initially increases, then decreases. D. increases.