Use the following figure to answer the question below.
Jorge's opportunity cost of producing 1 pound of corn is ________ pound(s) of green beans.
A. 2
B. 4
C. 1
D. 1/4
Answer: D
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Answer the following statement(s) true (T) or false (F)
1. If a model is based on unrealistic assumptions, then it cannot be robust. 2. Equilibrium conditions are used to analyze the desirability of economic outcomes. 3. A Nash equilibrium is one in which each individual optimizes taking market prices as given. 4. Efficiency is one common criterion that economists use to judge whether or not an outcome is desirable. 5. Even if an economic model is not detailed enough to give numerical predictions, it might still be useful if it can indicate the direction of change in economic variables.
A partnership is limited to how many owners?
A) 2 B) 5 C) less than 10 D) There is no limit to the number of owners.
Toys for Toddlers, Inc, sells in a perfectly competitive market, with an equilibrium price of $5 . Its marginal revenue: a. is greater than $5. b. is $5
c. is less than $5. d. is less than zero.
The largest component of aggregate expenditure is
a. consumption spending b. investment spending c. government purchases d. net exports e. a virtual tie between consumption spending and government purchases