Figure 18.1Refer to Figure 18.1. The United States has a comparative advantage in the production of:
A. bicycles.
B. hang gliders.
C. both bicycles and hang gliders.
D. neither bicycles nor hang gliders.
Answer: B
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Joe likes to sleep late in the mornings and play tennis in the afternoons. The opportunity cost of Joe attending his morning class for one hour is
A) an hour of tennis given u
Refer to the table above. Suppose that in normal years demand is represented by Case 2 and supply is represented by Case B. In a normal year the equilibrium quantity of wapanzo beans will be
A) 2 million pounds. B) 4 million pounds. C) 6 million pounds. D) 8 million pounds.
Behavioralists believe that:
A. if four or fewer firms control more than half of the market for a product, then the Sherman Act is being violated. B. industries should be judged on the basis of their price-output behavior and their technological progressiveness. C. there is no evidence that any monopolistic industry has abused its market power. D. all concentrations of economic power are socially undesirable.
When quantity supplied is very responsive to a change in price, supply is
A) elastic. B) unit-elastic. C) inelastic. D) income sensitive.