The above table shows the daily production possibilities for a bakery. Currently the bakery bakes 60 pizzas and 180 loaves of bread, that is at alternative C.Using the above table, moving from alternative C to alternative B, what is the opportunity cost of one loaf of bread?
A. 0.5 pizza pie
B. 2 pizza pies
C. 1 pizza pie
D. 30 pizza pies
Answer: A
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The aggregate expenditure line is drawn on a graph that measures:
a. real GDP on the horizontal axis and aggregate expenditure on the vertical axis. b. aggregate expenditure on the horizontal axis and real GDP on the vertical axis. c. consumption on the horizontal axis and aggregate expenditure on the vertical axis. d. aggregate expenditure on the horizontal axis and consumption on the vertical axis. e. investment on the horizontal axis and aggregate expenditure on the vertical axis.
Which of the following is true?
a. A budget deficit will have no impact on the national debt. b. A budget deficit will increase the national debt. c. A balanced budget will increase the national debt. d. A budget surplus will increase the national debt.
To understand the pressures and temptations on member firms in an oligopoly, economists have applied the game theory scenario of the ___________________, in which the gains from cooperation are larger than the rewards from pursuing self-interest.
a. Prisoner’s Dilemma b. Traveler’s Dilemma c. Platonia Dilemma d. Volunteer’s Dilemma
The Malthusian theory said that population tended to grow in a _____ progression, while the food supply grew in an _____ progression.
Fill in the blank(s) with the appropriate word(s).