The user cost of an exhaustible resource is
A) the same as its price.
B) the same as its production cost.
C) the opportunity cost of using the resource today rather than saving it for the future.
D) the amount of the resource that is extracted today.
E) not related to the amount of the resource that exists.
C
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The short-run aggregate supply curve is a relationship between
A) real GDP and price level. B) capital goods and consumer goods. C) unemployment and real GDP. D) inflation and time.
The cost of risk is the same for everyone
Indicate whether the statement is true or false
The great Franco-American cheese war of 2009 began with:
A. beef. B. cheddar cheese import restrictions. C. Swiss cheese quotas. D. camembert cheese tariffs.
For each watch that Switzerland produces, it gives up the opportunity to make 50 pounds of chocolate. Germany can produce 1 watch for every 100 pounds of chocolate it produces. Which of the following is true about the comparative advantage between the
two countries? A) Switzerland has the comparative advantage in chocolate. B) Switzerland has the comparative advantage in watches. C) Germany has the comparative advantage in watches and chocolate. D) Germany has the comparative advantage in watches.