How much does quantity change if MC1 shifts to MC2?
A. Slightly less than one
B. About one
C. Slightly more than one
D. Not at all
D. Not at all
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Congress is debating whether to raise taxes by $100 billion or decrease spending by $100 billion in order to eliminate a budget deficit. Which action will have the larger effect on equilibrium GDP?
a. the increase in taxes b. the decrease in spending c. the effects will be equal d. not possible to determine without knowing the multiplier
?Kites /hourSnowboards /hourJesse81April123
Consider two individuals, Jesse and April, who hand paint kites and snowboards. Table 3.2 shows how much of each good Jesse and April can paint in one hour. Which of the following is true?
A. April has a comparative advantage in painting kites but not snowboards. B. April has a comparative advantage in painting snowboards but not kites. C. April has a comparative advantage in painting both goods. D. April does not have a comparative advantage in painting either good.