Which of the following statements is CORRECT?
A) The United States produces more goods than services.
B) The United States produces more services than goods.
C) The United States produces more agricultural goods than manufactured goods.
D) The United States produces an equal amount of goods and services.
B
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Refer to the figure above. The loss in consumer surplus due to the imposition of the tax is given by the areas ________
A) JBIE and BIA B) EAG AND GHF C) CAE AND EAHF D) JBHF AND ABH
First-come, first-serve allocation schemes promote efficiency
Indicate whether the statement is true or false
Which of the following is an example of opportunity cost not measured by money cost?
a. the time spent eating a business lunch at a restaurant b. the time spent preparing a meal eaten at home c. the time spent studying to obtain an "A" in economics d. the time spent repairing a car in one's own garage e. All of the above are correct.
In response to the sharp decline in stock prices in October 1987, the Federal Reserve
a. increased the money supply and increased interest rates. b. increased the money supply and decreased interest rates. c. decreased the money supply and increased interest rates. d. decreased the money supply and decreased interest rates.