Refer to the above figure. If the farmer has 50 acres of land, the farmer is producing at point a, and an acre of land yields 400 bushels of beans or 800 bushels of wheat, how much land is devoted to the production of wheat?
A) 8.5 acres
B) 10 acres
C) 12.5 acres
D) 15 acres
C
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Computer chips are a normal good. Suppose the economy slips into a recession so that income falls. As a result, the demand for computer chips ________ so that the price of a computer chip ________
A) increases; rises B) increases; falls C) decreases; rises D) decreases; falls E) decreases; does not change
GDP is the market value of all final goods and services produced by a country's citizens in a given period of time
a. True b. False Indicate whether the statement is true or false
Economic expansion and growth are the only objectives that U.S. policymakers consider when they implement tax, spending and financial policies that affect the U.S. economy.
Answer the following statement true (T) or false (F)
Refer to the diagram where curves (a) through (e) are for five different countries. The Gini ratio is lowest in country:
A. a.
B. b.
C. c.
D. e.