Which of the following causes the supply of leather jackets to decrease?
a. an increase in the price of leather jackets
b. an increase in the price of leather
c. a decrease in the price of zippers
d. an increase in the number of motorcycles
e. a decrease in consumer income
B
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Jennifer takes 2 hours to make a loaf of bread and 1 hour to make a dozen cookies. Janet takes 3 hours to make a loaf of bread and 3/4 hours to make a dozen cookies. Who, if either, has an absolute advantage baking bread? Who, if either, has an absolute advantage making cookies?
Refer to the data. The budget deficit in year 3 is:
Answer the question using the following budget information for a hypothetical economy. Assume that all budget surpluses are used to pay down the public debt.
A. $175 billion.
B. $3,050 billion.
C. $100 billion.
D. $295 billion.