Refer to the above table. Assuming constant opportunity costs, the opportunity cost of producing a bicycle in the United States is ________ while the opportunity cost of producing a bicycle in Mexico is ________
A) 8 computers; 10 computer
B) 4 computers; 10 computers
C) 5 computers; 2 computers
D) 2 computers; 5 computers
D
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Refer to Figure 13-11. What is the monopolistic competitor's profit maximizing output?
A) Q1 units B) Q2 units C) Q3 units D) Q4 units
If income tax rates are increased in an attempt to balance the federal budget, we should expect to see
A. an increase in consumption and a decrease in GDP. B. an increase in consumption and an increase in GDP. C. a decrease in consumption and a decrease in GDP. D. a decrease in consumption and an increase in GDP.
In 2008 the Fed added a new monetary tool. What is that tool?
A. Interest payments to banks on their bank reserves B. The discount rate required for banks to borrow money C. The fed funds rate for overnight funds D. Open market operations meant to change the supply of money
Monopolies will tend to overproduce goods and charge a higher price than the competitive price.
Answer the following statement true (T) or false (F)