If there is always a 4-for-1 tradeoff between producing good X and good Y, it follows that the opportunity cost of X (in terms of Y) ____________________ and the PPF for these two goods is ______________________.
Fill in the blank(s) with the appropriate word(s).
is always the same; a straight line
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The resource income earned by those who supply ________ is called wages
A) labor B) natural resources C) entrepreneurship D) capital
Do you think it is in the material interests of high-income countries to help low-income countries improve their economic performance? Why or why not?
What will be an ideal response?
The primary purpose of economic regulation of an industry is to
A) control the prices charged by the regulated industry. B) increase taxes across the board. C) reduce output. D) control hiring and firing within the industry.
If the liberum veto is used in a policy-making setting, it means:
A. complete consensus is needed for legislation to pass. B. it is easy to halt policies, because only one person needs to be bribed to stop them. C. that government is an easy target for an area to become corrupt or taken advantage of. D. All of these are true.