What is Italy's opportunity cost of producing 3 art books?




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Economics

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Starting from long-run equilibrium, a large tax increase will result in a(n) ________ gap in the short-run and ________ inflation and ________ output in the long-run.

A. recessionary; lower; potential B. expansionary; lower; potential C. expansionary; higher; potential D. recessionary; lower; lower

Economics

In the table above, which of the following is TRUE?

A) Jim and Sally have increasing marginal utility. B) Jim has increasing marginal utility and Sally has diminishing marginal utility. C) Jim has diminishing marginal utility and Sally has increasing marginal utility. D) Jim and Sally have diminishing marginal utility.

Economics

If the price increases by 20 percent and the quantity supplied increases by 40 percent, what does the elasticity of supply equal?

What will be an ideal response?

Economics

Government programs that pay benefits to those who are unable to earn income because of permanent disabilities or to those who have very low incomes and dependent children are called:

A. Public assistance programs B. Social insurance programs C. Affirmative action programs D. Dependent programs

Economics