In Figure 35.1, what is the opportunity cost of motorcycles in Japan?
A. 1/2 of a DVD player per motorcycle.
B. 2 DVD players per motorcycle.
C. 1 DVD player per motorcycle.
D. 3 DVD players per motorcycle.
Answer: A
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The cost-benefit model used by economists is:
A. unrealistic because it is too detailed and specific to apply to most situations. B. useful because everyone follows it all of the time. C. unrealistic because everyone can think of times when he or she violated the principle. D. useful because most people follow it most of the time.
One way the government can encourage economic growth is to:
A. protect property rights. B. enforce contracts. C. ensure legal agreements will be upheld. D. All of these actions will encourage economic growth.
The price elasticity of demand for a good is influenced by which of the following factors?
a. the responsiveness to changes in income b. the cost of resources to produce the good c. the availability of substitutes d. the level of competition among sellers e. the number of uses for the good
During the financial crisis of 2007-2009, both fiscal and monetary policy turned more expansionary
a. True b. False Indicate whether the statement is true or false