Daily Output of Russia and Panama?RussiaPanamaGloves 40240Hats120180
Refer to Table 18.1. The opportunity cost of a hat in Panama is:
A. 1/2 of a glove.
B. 3/4 of a glove.
C. 4/3 gloves.
D. 2 gloves.
Answer: C
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In a well-functioning market, high opportunity costs will be reflected in high monetary costs.
Answer the following statement true (T) or false (F)
The world price of a good is
a. the price paid by consumers in all nations b. the price at which it is traded internationally c. the price paid in U.S. dollars d. the price paid in foreign currency e. the terms of trade for each nation
If a small change in price will lead to an infinite change in the quantity demanded, then the demand curve is: a. Perfectly elastic
b. Perfectly inelastic. c. Downward sloping. d. non-linear
In the long run,
a. a larger budget deficit means a larger money supply b. lower investment spending means slower growth of the standard of living c. a larger budget deficit means lower consumption spending d. a larger budget surplus means a smaller capital stock e. government spending has no effect on the budget deficit or surplus