Suppose that nuclear power plants are banned. What are examples of the opportunity costs of this decision?
What will be an ideal response?
Electricity must be produced by some method, so if there are fewer nuclear plants, there will be more plants that use fossil fuels. There will be an increase in coal mining and petroleum production. Coal mining is hazardous and will increase the number of injuries and deaths, and the increased use of oil may generate more oil spills.
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An increase in our production possibilities is known as:
A. Inflation. B. Crowding out. C. GDP per capita. D. Economic growth.
Figure 34-7
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In Figure 34-7, it is probably true that wages are
A. equal in Pestoland and Pastaland. B. greater in Pestoland than Pastaland. C. greater in Pastaland than in Pestoland. D. higher in pasta production than in pesto production in both countries.
The real-income effect of a price change is most significant when
A. the good under consideration constitutes a major portion of the consumer's budget. B. the marginal utility per dollar spent on the last unit is high. C. the substitution effect is significant too. D. the substitution effect is insignificant.
Refer to the information provided in Table 22.4 below to answer the question(s) that follow.
Table 22.4
Refer to Table 22.4. The total number of people employed is
A. 190 million. B. 120 million. C. 114 million. D. 57 million.