Consider the production possibilities frontier displayed in the figure shown. The opportunity cost of one watermelon is:
A. 20 bushels of apples.
B. 40 bushels of apples.
C. 30 bushels of apples.
D. 10 bushels of apples.
Answer: A
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If the isoquants are straight lines, then
A) inputs have fixed costs at all use rates. B) the marginal rate of technical substitution of inputs is constant. C) only one combination of inputs is possible. D) there are constant returns to scale.
An example of U.S. foreign direct investment would be a:
A. factory in Canada owned by a U.S. citizen. B. factory in Japan owned by a Canadian citizen. C. factory in New Mexico owned by a Japanese citizen. D. All of these are examples of foreign direct investment.
The national debt increased approximately sixfold between
a. 1980 and 2000 b. 1945 and 1965 c. 1965 and 1975 d. 1960 and 1970 e. 1970 and 1980
The funding of public education is
A) a private program. B) a subsidy program. C) done by voluntary contributions. D) provided by Social Security.