249) Which of the following positions did Canada occupy with regard to average income in 2015?
A) First
B) Fourth
C) Ninth
D) Twelfth
250) Refer to the figure below. The attainable area for the budget line includes:
A) the area below the line but not the budget line itself.
B) the area below the budget line and the budget line.
C) the area above the budget line but no the budget line itself.
D) the area above the budget line and the budget line.
251) The production possibilities curve is bowed out from the origin because:
A) marginal benefits are equal.
B) marginal benefits decrease.
C) marginal benefits are unpredictable.
D) marginal benefits decrease and then increase in value.
252) (Consider This) Free products offered by firms
A) may or may not be free to society but are never free to individuals.
B) may or may not be free to individuals but are never free to society.
C) are produced and distributed at no cost to society.
D) are usually items nobody wants.
253) (Consider This) The assertion by economists that "there is no free lunch"
A) is contradicted by the presence of free goods offered by firms.
B) applies to goods that have prices, not to goods given away free by firms.
C) remains true even for goods given away free by firms.
D) applies to agricultural goods but not to manufactured goods.
254) A direct cost of going to college is
A) tuition, while an indirect cost (opportunity cost) is books and other supplies.
B) forgone income while in college, while an indirect cost (opportunity cost) is tuition.
C) tuition, while an indirect cost (opportunity cost) is forgone income while in college.
D) books and supplies, while an indirect cost (opportunity cost) is food and housing.
255) An exception to the advice "go to college, stay in college, and earn a degree" occurs when
A) tuition expenses are high and rising.
B) the opportunity cost of attending college is extraordinarily high.
C) the price of textbooks is high and rising.
D) the economy is growing rapidly and jobs are plentiful.