Annual expenditures by the federal government exhibited an upward trend, rising from $3 billion in 1930 to more than $1 trillion in 2010
a. True
b. False
Indicate whether the statement is true or false
True
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Sailing an ocean cargo ship slower to save on the expense of fuel as opposed to sailing it faster to save time and therefore allow it to make more deliveries makes sense if the ________ of sailing slower is less than the ________ of sailing slower
A) marginal benefit; opportunity cost B) marginal cost; opportunity cost C) marginal benefit; marginal cost D) marginal cost; marginal benefit
In order to reestablish people's confidence in the banking system after the passage of the National Bank Act in 1864,
a. banks were no longer allowed to lend more than 10 percent of the value of their capital stock to any single borrower b. banks were encouraged to accept real estate as collateral for loans c. the office of Comptroller of the Currency was abolished d. the Treasury was encouraged to depreciate the currency as rapidly as possible e. Confederate notes and Greenbacks were accepted on a one-to-one basis
Of all the payments made to factors of production in the United States in 2013, ____ received the lowest share
a. land rents b. labor c. interest payments d. corporate profits
Suppose that a worker in Country A can make either 25 bananas or 5 tomatoes each year. Country A has 200 workers. Suppose a worker in Country B can make either 18 bananas or 6 tomatoes each year. Country B has 400 workers. Suppose Country B decides to specialize in tomatoes, and Country A specializes in bananas. What terms of trade would both countries agree to? One tomato for:
A. four bananas B. six bananas C. one banana D. two bananas