Daily Output of Russia and Panama?RussiaPanamaGloves 40240Hats120180
Refer to Table 18.1. The opportunity cost of a hat in Russia is:
A. 1/3 of a glove.
B. 1/2 of a glove.
C. 2 gloves.
D. 3 gloves.
Answer: A
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If 25 workers can pick 100 flats of strawberries per hour, then average product is
A) 100 flats per hour. B) 125 flats per hour. C) 75 flats per hour. D) 4 flats per hour. E) More information is needed about how many flats 24 workers can pick.
An increase in the excise tax on cigarettes raises the price of cigarettes by shifting the:
A. demand curve for cigarettes rightward. B. demand curve for cigarettes leftward. C. supply curve for cigarettes rightward. D. supply curve for cigarettes leftward.
Despite being a college graduate, Ethan cannot name any of his representatives in Congress and he has no idea which issues are being debated and voted on this week in Congress. According to public choice analysis, Ethan is
a. irrational. b. considering only the welfare of society and not his own personal interests. c. not intelligent enough to understand the issues. d. making a rational personal choice because knowing these things gives him little personal benefit.
Which of the following statements is correct?
a. The demand for flat-screen computer monitors is more elastic than the demand for monitors in general. b. The demand for grandfather clocks is more elastic than the demand for clocks in general. c. The demand for cardboard is more elastic over a long period of time than over a short period of time. d. All of the above are correct.