Refer to the given data. If Alpha was producing at alternative B and Omega was at alternative C before trade, the gain from specialization and trade would be:





A.  30 tons of wheat.

B.  5 tons of steel.

C.  5 tons of steel and 15 tons of wheat.

D.  15 tons of steel and 5 tons of wheat.


C.  5 tons of steel and 15 tons of wheat.

Economics

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Mika borrows $100,000 to start up her own beauty shop. She pays 5 percent interest on her loan. In order to account for all costs of her business, Mika must not forget:

A. the implicit cost of $100,000. B. the implicit cost of $5,000. C. the explicit cost of $105,000. D. the explicit cost of $5,000.

Economics

Which of the following events at an automobile manufacturing plant would most likely cause the movement from S 1 to S 2 ?




a. Hundreds of additional workers were hired to staff a new shift.
b. Millions of dollars were invested to expand and outfit the new facility.
c. Amenities in the plant included onsite child care, a gym, and a health clinic.
d. Many workers were laid off when some plant operations were automated.

Economics

If Pat's income increased from $250,000 to $500,000 and his consumption increased from $200,000 to $300,000, what was his marginal propensity to consume?

a. 0.4
b. 0.6
c. 0.8
d. 0.9

Economics

An example of a good that is rival in consumption is:

A. an air show over the whole city. B. a floral display at a large university's graduation ceremony. C. a scientific discovery that allows florists to grow flowers to which no one is allergic. D. a Big Mac.

Economics