Figure 18.2Refer to Figure 18.2. The opportunity cost of producing fishing poles in Macadamia is:
A. 3/4 of a spear.
B. 5/6 of a spear.
C. 6/5 spears.
D. 4/3 spears.
Answer: B
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A. a change in tax rates B. a change in the amount of money in circulation C. a change in the price level D. a change in real interest rates
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A) relatively easy; handles the problems itself B) relatively easy; ignores the problems C) impossible; chooses to live with the problems D) difficult; requests help from the government
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A) an inferior good. B) a normal good. C) an inelastic good. D) a perfectly inelastic good. E) a substitute good.
When economists make positive statements, they are
a. speaking as scientists. b. speaking as policy advisers. c. making claims about how the world should be. d. revealing that they are very conservative in their views of how the world works.