Helen gives up the opportunity to bake 40 cakes for each room she paints; Josh can paint one room in the time it takes him to bake 60 cakes. The opportunity cost of a cake for Josh is
a. painting one room
b. painting 1/40 of a room
c. painting 1/60 of a room
d. painting 2/3 of a room
e. painting 3/2 of a room
C
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When all relevant information is used to forecast inflation, the resulting forecast is called
A) a rational expectation. B) a natural expectation. C) an expected forecast. D) an expansionary expectation. E) the expected expectation.
Whenever statements embodying values are made, we enter the realm of
A) positive economics. B) normative economics. C) microeconomics. D) macroeconomics.
Which of the following industrial policies are effective for developing countries to deal with inflows of capital from overseas?
A. Import substitution, export-led growth, and clustering. B. Import substitution, export-led growth, and crowding out. C. Import substitution, government subsidy, and clustering. D. Market Substitution, government subsidy, and crowding out.
The market demand curve for a particular good
a. may be horizontal even if the individual consumers' demand curves are downward sloping b. will always shift to the right as the price of the good decreases c. is even more likely to be downward sloping than an individual consumer's demand curve d. will always shift to the right if consumers' incomes increase e. must be flatter than the flattest of the individual consumer demand curves