An economy has two workers, Jen and Rich. Everyday they work, Jen can produce 2 TVs or 10 radios, and Rich can produce 4 TVs or 12 radios. What is the opportunity cost for Rich to produce one TV?
A. 12 radios
B. 3 radios
C. 1/5 radio
D. 1/3 radio
Answer: B
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The term "tragedy of the commons" is used to describe
a. overpricing of computer software by Microsoft. b. an increase in rents when air quality in a community improves. c. the difficulty in obtaining honest evaluations of public goods. d. the elimination of social gains due to the overuse of property without a well-defined owner.
Which of the following is an example of U.S. foreign direct investment and by itself increases U.S. net capital outflow?
a. A Swedish bank buys a bond issued by the U.S. government. b. A German company builds a car factory in the U.S. c. A U.S. mutual fund purchases stock issued by a corporation in Bolivia. d. A U.S. grocery chain builds and operates a new warehouse in Honduras.
The unemployment that occurs as jobs are eliminated because of changing technology is known as
A. frictional. B. voluntary. C. structural. D. fundamental. E. cyclical.
If the demand for bacon is relatively elastic, a 10 percent decline in the price of bacon will:
A. decrease the amount demanded by more than 10 percent. B. increase the amount demanded by more than 10 percent. C. decrease the amount demanded by less than 10 percent. D. increase the amount demanded by less than 10 percent.