The answer is: "It allows the inhabitants of a country to consume at a level beyond its production possibilities frontier." What is the question?
A) What do newly discovered resources do?
B) What does technology do?
C) What does specialization and international trade do?
D) What does specialization do?
E) a and b
C
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Which of the following would be a private cost to a cigarette smoker?
a. Cost to the employer of the higher health insurance premiums due to the hiring of a smoker. b. Cost to the employer of the extra effort lost due to the increased missed days of work as a result of smoking. c. Cost to the city of extra park cleanup due to the presence of cigarette butts. d. Price of the pack of cigarettes. e. Cost to the government to pay the hospital expenses of indigent smokers.
Suppose a jar of orange marmalade that is ultimately sold to a customer at The Corner Store is produced by the following production process: Name of CompanyRevenuesCost of Purchased inputsCitrus Growers Inc.$0.750Florida Jam Company$2.00$.75The Corner Store$2.50$2.00If the oranges were grown and the jam produced in the year 2015, but the marmalade was sold at The Corner Store in the year 2016, what is the contribution of these transactions to GDP in the year 2016?
A. $0.00 B. $0.50 C. $2.50 D. $2.00
Economics involves marginal analysis because:
A. most decisions involve changes from the present situation. B. marginal benefits always exceed marginal costs. C. marginal costs always exceed marginal benefits. D. much economic behavior is irrational.
Which of the following is correct?
A. real interest rate = nominal interest rate / anticipated inflation rate B. real interest rate = nominal interest rate - anticipated inflation rate C. real interest rate = nominal interest rate * anticipated inflation rate D. real interest rate = nominal interest rate + anticipated inflation rate