In order for you to consider steak and lobster to be perfect substitutes, their prices per pound must be identical
Indicate whether the statement is true or false
FALSE
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GDP ignores all of the following EXCEPT
A) household production. B) changes in the environment that occur in the production of output. C) the value of leisure time. D) products produced in other countries that are sold in the United States.
Consider the production possibilities curve [PPC] for a country producing only cheese and wine. The first few resources transferred from cheese to wine production are:
a. those that are most specialized in cheese production. b. those that are most specialized in wine production. c. those that are least specialized in cheese production. d. those that are neither specialized in cheese nor wine production. e. those that are highly specialized in both cheese and wine production.
In an attempt to boost enrollment, in January, 1996, a private college in Iowa offered free tuition for graduating high school seniors from the county where it is located. For students who accepted the offer, how did this offer affect the opportunity cost of attending college?
a. The opportunity cost did not change, since lost earnings were still a factor. b. The opportunity cost became zero for the typical student. c. The opportunity cost was very low, because the only cost was for books and supplies. d. The opportunity cost did not change, since tuition was not a factor in computing opportunity cost. e. The opportunity cost was lower than if tuition was charged, but there was still a cost.
Government means tested programs ________ the overall poverty rate.
A. substantially decrease B. have not changed C. lead to an increase in D. drop to zero