Harry produces 2 balloon rides and 4 boat rides an hour. Harry could produce more balloon rides but to do so he must produce fewer boat rides. Harry is ________ his production possibilities frontier
A) producing inside
B) producing on
C) producing outside
D) producing either inside or on
B
Economics
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The cost of producing one more unit of a good or service is equal to its
A) marginal benefit. B) producer surplus. C) marginal expenditure. D) consumer surplus. E) marginal cost.
Economics
If the absolute value of the tax multiplier equals 1.6, real GDP is $13 trillion, and potential real GDP is $13.4 trillion, then taxes would need to be cut by ________ to restore the economy to potential real GDP
A) $250 billion B) $400 billion C) $640 billion D) None of the above are correct. Taxes should be increased in this case.
Economics