Which of the following is true?
a. Real federal spending per person was approximately 50 times higher in 1900 than 1800.
b. Real federal spending per person grew more rapidly during the 19th century than during the 20th century.
c. Real federal spending per person was approximately 60 times greater in 1990 than in 1916.
d. Real federal spending per person has decreased significantly since 1964.
C
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Refer to Table 2-2. Assume Nadia's Neckware only produces ascots and bowties. A combination of 16 ascots and 6 bowties would appear
A) along Nadia's production possibilities frontier. B) inside Nadia's production possibilities frontier. C) outside Nadia's production possibilities frontier. D) at the horizontal intercept of Nadia's production possibilities frontier.
An increase in the demand for a good means that:
a. the demand curve has shifted to the left. b. the good's price has fallen and, as a result, consumers are buying more of the good. c. the good has become scarce. d. consumers are willing to purchase more of the good at each possible price.