Refer to Figure 2-10. If the economy is currently producing at point A, what is the opportunity cost of moving to point B?
A) 46 thousand forks B) 60 thousand spoons
C) 16 thousand spoons D) 12 thousand forks
D
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The Lorenz curve shows the
a. percent of families on the vertical axis and percent of income on the horizontal axis. b. percent of families on the horizontal axis and the cumulative percent of income on the vertical axis. c. cumulative percent of income on the vertical axis and the cumulative percent of families on the horizontal axis. d. cumulative percent of families on the vertical axis and the cumulative percent of income on the horizontal axis.
Consumption goods that are produced, but not sold, become investment goods by default
Indicate whether the statement is true or false
The income elasticity of a Giffin good
A. is negative. B. is zero. C. is positive. D. cannot be specified without more information.
Suppose the actual federal funds rate is below the rate implied by a particular inflation goal. In this situation, the Taylor rule implies that
A. monetary policy is contractionary. B. fiscal policy is contractionary. C. monetary policy is neither expansionary or contractionary. D. monetary policy is expansionary.