Which of the following is NOT an example of a consumption expenditure?
A. a digital camera you purchase to take on vacation
B. a new county jail
C. a motorcycle you purchase to ride on the weekends
D. a restaurant meal
Answer: B
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The personal distribution of income shows
A) that labor receives the largest percentage of total income. B) how profit accounts for the largest fraction of total income. C) that the richest 20 percent of households receive 23 percent of total income. D) that interest accounts for most of the income of the richest 20 percent of households. E) that the poorest 20 percent of households receive less than 4 percent of total income.
The figure above shows the production possibilities frontier for a country. In order for it to produce at point E, the
A) country would need to acquire more resources and/or more advanced technology. B) production of compact cars would need to decrease. C) production of SUVs would need to decrease. D) country would need to use its resources more efficiently. E) country would need to determine that compact cars and SUVs are equally important to it.
The figure above illustrates a linear demand curve. If the price falls from $8 to $6
A) total revenue increases. B) total revenue decreases. C) total revenue remains unchanged. D) the quantity demanded increases by less than 20 percent.
Refer to Figure 3-4. At a price of $20, how many units will be supplied?
A) 400 B) 500 C) 600 D) 800