The measure of final goods and services produced in the United States is the
A. Per capita GDP in the United States.
B. Total sales of all goods during the year.
C. GDP of the United States.
D. Percentage change in the GDP of the United States.
Answer: C
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As inflation increases, households become ________ uncertain leading to ________ spending.
A. more; more B. less; less C. more; less D. less; more
As we increase the production of computers, we find that we must give up larger and larger amounts of DVD players per computer
A) This situation illustrates increasing opportunity cost. B) As a result, we should specialize in the production of DVD players. C) The production possibilities frontier for computers and DVD players is a straight line. D) DVD players will be more highly regarded by consumers than computers.
Suppose the tax rate on the first $10,000 income is 0 percent; 10 percent on the next $20,000; 20 percent on the next $20,000; 30 percent on the next $30,000; and 40 percent on any income over $80,000. Family A has income of $40,000 What is the marginal and average tax rate for Family A?
A) marginal—10 percent; average—10 percent B) marginal—20 percent; average—10 percent C) marginal—25 percent; average—20 percent D) marginal—20 percent; average—25 percent
If a firm produces 10 units, TC=$100 . When the firm increase its output to 15 units, TC= $150 . The firm's variable costs equal to
a. $50 b. $150 c. $25 d. $100