Opportunity cost exists because
a. technology is fixed at any point in time
b. the law of comparative advantage is working
c. resources are scarce but wants are unlimited
d. the value of lost opportunities varies from person to person
e. efficiency is measured by the monetary cost of an activity
C
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Refer to Table 8-11. Nominal GDP for Tyrovia in 2016 equals
A) $1,140. B) $880. C) $690. D) $560.
Refer to Figure 22-4. Suppose the per-worker production function in the figure above represents the production function for the U.S. economy
If the United States decided to cut its support of university research in half, this would cause a movement from A) B to D. B) B to E. C) B to C. D) B to A.
The Heckscher-Ohlin Theorem predicts
A) who benefits and who loses from trade. B) which factors are abundant. C) the income distribution effects of trade. D) which goods will be exported. E) the importance of intraindustry trade.
How is the unemployment rate calculated? Describe the three principal types of unemployment.
What will be an ideal response?