Refer to Table 2-4. What is George's opportunity cost of mowing a lawn?
A) one-half of a garden cultivated B) two lawns mowed
C) two-thirds of a garden cultivated. D) one and a half lawns mowed
A
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What is a command economy?
What will be an ideal response?
An assumption on the LRAS curve is
A) technology remains unchanged. B) an increase in the average price level occurs. C) the economy is operating to the right of the production possibilities curve. D) labor productivity is increasing.
Pure monopoly markets are very common in the real world.
Answer the following statement true (T) or false (F)
The actual benefit of a government subsidy is determined primarily by
a. the elasticities of demand and supply. b. the legal (or statutory) assignment of the subsidy c. the number of exchanges that are made possible as a result of the subsidy. d. whether the subsidy is paid by cash or check.