Increasing opportunity cost exists
A) only in theory but not in real life.
B) in the real world.
C) for a country but not for an individual.
D) as long as there is high unemployment.
E) inside the PPF but not on the PPF.
B
You might also like to view...
An individual who is suffering from money illusion is more concerned with
A) real prices than with nominal prices. B) nominal prices than with relative prices. C) relative prices than with nominal prices. D) relative prices than with real prices.
If England uses one week's time to produce ten yards of cloth or two barrels of wine and Portugal uses one week's time to produce twelve yards of cloth or six barrels of wine, England has the comparative advantage in both goods
a. True b. False Indicate whether the statement is true or false
A model or theory in economics is:
A) based mostly on value judgments. B) built using relevant observations, assumptions, and abstractions. C) only useful if it correctly portrays the real world and its complexities. D) useful only if it is based on normative economic statements.
Refer to the figure below. At a price of $9, there will be:
A. an excess supply of 5 units. B. an excess demand of 1 unit. C. an excess demand of 5 units. D. an excess supply of 6 units.