Refer to Figure 2-11. What is the opportunity cost of producing 1 pound of cashews in Indonesia?
A) 3/8 of a bolt of cotton B) 5/8 of a bolt of cotton
C) 2 2/3 bolts of cotton D) 320 bolts of cotton
C
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The economy pictured in the figure below has a(n) ________ gap with a short-run equilibrium combination of inflation and output indicated by point ________. 
A. recessionary; B B. recessionary; C C. recessionary; A D. expansionary; A
The productivity curve is a relationship between ________ and ________
A) real GDP per hour of labor; capital per hour of labor B) real GDP per hour of labor; capital C) capital per hour of labor; labor per hour of capital D) real GDP; hours of labor E) real GDP; capital
If the government imposes a price ceiling below the market equilibrium price, then:
a. c and d. b. there will be excess supply. c. there will be excess demand. d. the intent is to benefit consumers. e. the intent is to benefit producers.
Which of the following is true in the short run? a. MC = ATC at the lowest point of ATC
b. MC = AVC at the lowest point of AVC. c. When AVC is at its minimum point, ATC is falling. d. All of the above are true.