Table 35.1CountryTons of SoybeansComputerChina100300United States150750Based on the information in Table 35.1, assume China and the United States have the same amount of resources with which to produce soybeans and computers and they produce no other goods. The opportunity cost of producing 1 ton of soybeans in the United States is
A. 1/3 of a computer.
B. 3 computers.
C. 1/5 of a computer.
D. 5 computers.
Answer: D
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If a substitute good is easy to find, then demand for a good is
A) elastic. B) inelastic. C) unit elastic. D) perfectly inelastic. E) Substitutes don't have any effect on elasticity.
The smaller a country is, the less of an ability it has to export a portion of the burden of an import tariff to other countries.
Answer the following statement true (T) or false (F)
The general form of the per-person production function used in Chapter 10 is
A) (Y/N) = A - f(N/K). B) (Y/N) = A + f(N/K). C) (Y/N) = A/f(K/N). D) (Y/N) = Af(K/N).
Which of the following is not an impure public good?
a. a full movie theatre b. a fairly congested highway c. a swimming pool at ninety percent capacity d. the average major league baseball game in early April