The television network newscaster reports that the national inflation rate the past year equaled 4 percent. This report would be of particular interest to a
A. microeconomist.
B. normative economist.
C. macroeconomist.
D. social science economist.
Answer: C
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Refer to Figure 2-6. If the economy is currently producing at point C, what is the opportunity cost of moving to point B?
A) 13 thousand hammers B) 30 thousand wrenches C) 23 thousand hammers D) 10 thousand wrenches
The 1920 census reported that ________ percent of Americans were urban dwellers
a. just over 10 b. approximately 20 c. more than 50 d. 75
Which of the following pricing policies does NOT extract the entire consumer surplus from the market?
A. Block pricing B. First-degree price discrimination C. Two-part pricing D. Peak load pricing
When congressional representatives vote on an appropriations bill, they must vote yea or nay, taking the bad with the good. This statement best reflects the:
A. paradox of voting. B. regulatory capture effect. C. benefits-received principle. D. concept of limited and bundled choices.