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One of the effects of gas prices rising from about $2 to about $4 per gallon was airlines ordering new,fuel-efficient aircraft.

A) True
B) False

Correct Answer

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Variations in the standard of living across countries is due almost entirely to differences in each nation's total output of goods and services.

A) True
B) False

Correct Answer

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In the short-run,society faces a tradeoff between inflation and unemployment.

A) True
B) False

Correct Answer

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Using income tax revenue to fund the welfare system illustrates the conflict between efficiency and equality.

A) True
B) False

Correct Answer

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A rational decision maker takes an action if and only if the marginal benefit exceeds the marginal cost.

A) True
B) False

Correct Answer

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Tuition is the single-largest cost of attending college for most students.

A) True
B) False

Correct Answer

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A tax on gasoline is an incentive that encourages people to drive smaller more fuel-efficient cars.

A) True
B) False

Correct Answer

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Government policies that improve equality usually increase efficiency at the same time.

A) True
B) False

Correct Answer

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The opportunity cost of working out for one hour is the value of the next-best activity that you could have done in that hour.

A) True
B) False

Correct Answer

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A market economy cannot produce a socially desirable outcome because individuals are motivated by their own selfish interests.

A) True
B) False

Correct Answer

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Inflation measures the increase in the quantity of goods and services produced from each hour of a worker's time.

A) True
B) False

Correct Answer

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Showing 41 - 51 of 51

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