The tax revenues of local governments are typically
A. slightly less than their expenditures.
B. more than their expenditures.
C. equal to their expenditures.
D. less than one-half of their expenditures.
Answer: D
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If Jessie studies economics for two hours instead of going to the movies with her friends, then
A) the benefit of studying is the missed movie. B) the opportunity cost of studying is the missed movie. C) Jesse definitely is making a rational choice. D) Jessie is ignoring a sunk cost. E) Jessie is not responding to any incentives.
The above table shows the number of pencils or pens that could be produced by Don and Bob in an hour. This schedule shows that
A) Don has an absolute advantage in the production of pencils, and Bob has an absolute advantage in the production of pens. B) Bob has an absolute advantage in the production of pencils, and Don has an absolute advantage in the production of pens. C) Don has a comparative advantage in the production of both pencils and pens. D) Bob has a comparative advantage in the production of pencils.