If a laborer in Mexico can produce 2 bushels of wheat or 4 bushels of corn in a day, the opportunity cost of producing wheat is 4 bushels of corn
a. True
b. False
Indicate whether the statement is true or false
False
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The saying that "There's no such thing as a free lunch" refers to the
A) spillover principle. B) marginal principle. C) principle of opportunity cost. D) reality principle.
The consumption function shows the relationship between consumer expenditures and:
a. the interest rate. b. the tax rate. c. savings. d. disposable income.
Moe divides his time between studying Physics and studying Economics. His production possibilities curve for his final grade in each class is shown in the accompanying figure.
Both of Moe's professors require at least a 65 to pass and a 90 to earn an A. Which of the following is true?
A. Moe can pass economics, but only if he fails physics. B. Moe can pass both classes. C. Moe can pass physics, but only if he fails economics. D. Moe could earn an A in economics and still pass physics.
Hard work does not necessarily lead to a high income.
A. True B. False