Which of the following would tend to increase the price of lumber?
a. a technological advance that lowers the cost of cutting timber
b. an increase in the demand for newly constructed homes
c. a decrease in the demand for wooden rocking chairs
d. a decrease in the tax imposed on firms who produce lumber
B
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For a consumer, a budget line shows the boundary between
A) what is desired and what is not desired. B) what is needed and what is not needed. C) what is affordable and what is not affordable. D) what is available and what is not available.
Refer to Figure 2-6. If the economy is currently producing at point A, what is the opportunity cost of moving to point B?
A) 60 thousand spoons B) 46 thousand forks C) 16 thousand spoons D) 12 thousand forks
Suppose a bank has total assets of $4,000,000,000 and total deposits and other liabilities of $3,500,000,000. The bank's leverage ratio is
A) 11.2%. B) 12.5%. C) 14.3%. D) 87.5%.
The optimal level of air quality will increase if
a. the cost of polluting increases b. pollution is found to be self-absorbing c. a new process allows pollution to be removed more cheaply d. the marginal social cost of air quality increases e. the marginal social benefit of air quality decreases