Refer to the production possibilities frontier figure above. Which of the following movements requires the largest opportunity cost, in terms of good X forgone, per extra unit of good Y?
A) from point e to point d
B) from point d to point c
C) from point c to point b
D) from point b to point a
D
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Suppose a country is much richer than the others in the Solow growth model. What happens in the long run?
A) The other countries catch up to the rich one. B) The rich country grows the fastest. C) The rich country becomes poorer than the others. D) Nothing.
Which of the following include the four basic resources supplied by households?
a. natural resources, labor, intelligence, capital b. money, labor, natural resources, entrepreneurial ability c. intellectual ability, physical ability, money, natural resources d. labor, capital, intelligence, entrepreneurial ability e. labor, natural resources, entrepreneurial ability, capital
Suppose your expenses for this term are as follows: tuition: $5,000, room and board: $3,000, books and other educational supplies: $500. Further, during the term, you can only work part-time and earn $4,000 instead of your full-time salary of $10,000
What is the opportunity cost of going to college this term, assuming that your room and board expenses would be the same even if you did not go to college? A) $5,500 B) $8,500 C) $11,500 D) $14,500
The ________ helps illustrate the competitive forces that determine the level of competition and profitability in an industry.
A. concentration ratio B. Five Forces Model C. Cournot Model D. Contestable Market Model