What is the opportuntiy cost of producing the fourth unit of capital goods?
What will be an ideal response?
7 units of consumer goods
Products A B C D E
Capital Goods 0 1 2 3 4
Consumer Goods 22 18 13 7 0
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Cournot and Stackelberg oligopolies are similar in that they ________.
A) both compete on price B) both compete on marginal cost C) do not compete D) both compete on quantity
Which trade theory has these implications: (1) nations may benefit from trade even when they do not differ in resource endowments or technology; and (2) specialization allows for scale economies and lower production costs?
What will be an ideal response?
A severe freeze has damaged the Florida orange crop. The effect on the market for oranges will be a left shift of
A. demand, as consumers try to economize because of the shortage. B. both the supply and demand curves. C. the supply curve. D. the supply curve and a right shift in the demand curve, and the outcome will be a higher price
Who sets the inflation target for the Bank of England?
A) Prime Minister B) Chancellor of the Exchequor C) head of the monetary policy committee D) majority vote of the monetary policy committee