The following graph is the production possibility curve for a three-person economy, with workers Janna, Drew, and Karl.
Who has the highest opportunity cost of producing rice?
A. Kari
B. Janna
C. Janna and Drew
D. Drew
Answer: B
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In an economic model, an endogenous variable is
A) a stand-in for more complicated variables. B) determined by the model itself. C) determined outside the model. D) a variable that has no effect on the workings of the model.
A nation's standard of living: a. will increase substantially over time even for a small increase in the growth rate. b. will increase by the same amount as the increase in the growth rate
c. will decrease substantially over time even for a small increase in the growth rate. d. will increase less than the amount of the increase in the growth rate.
If the percentage change in quantity demanded for a good is larger than the percentage change in its price, then the price elasticity of demand of the good is said to be: a. elastic
b. inelastic. c. perfectly inelastic. d. unit elastic.
What is the relationship between real interest rates and investment, other things being equal?
a. No apparent relationship b. A quadratic relationship c. A positive relationship d. A negative relationship