The prototype of suburban tract development was in
A. San Luis Obispo, California.
B. Camden, New Jersey.
C. Butte, Montana.
D. Levittown, New York.
D. Levittown, New York.
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Suppose labor productivity differences are the only determinants of comparative advantage, and Brazil and Chile both produce only coffee and sugar. In Chile, either 5 units of coffee or 2 units of sugar can be produced in one day. In Brazil, a day of labor produces either 2 units of coffee or 1 unit of sugar. What is the opportunity cost of producing coffee in Chile?
a. Half a pound of sugar b. Two-fifth of a pound of sugar c. 2 pounds of sugar d. One-third of a pound of sugar e. 4 pounds of sugar
Do monetarists favor rules or discretionary policy? Why?
What will be an ideal response?
Economists refer to land, labor, and capital as the factors of production. Land in this context refers to natural resources. Given this definition, which is not land?
a. water b. oil c. forests d. highways
In ________ markets, large oligopolistic firms end up behaving like perfectly competitive firms.
A. contestable B. blocked C. monopolistically competitive D. monopoly