Refer to Table 2-19. What is Wilma's opportunity cost of making a bench?
A) 3 statues B) 1/2 of a bench C) 1.3 statues D) 1/3 of a statue
A
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Suppose that in 2016, the national income in the United States was $200 billion, depreciation was $15 billion, personal taxes were $20 billion, and transfer payments were $10 billion. Gross domestic product in 2016 is
A) $185 billion. B) $215 billion. C) $220 billion. D) $245 billion.
Which of the following is correct?
a. Typically more than one-third of the unemployed are new entrants into the job market. b. Most spells of unemployment are short. c. Most unemployment observed at any time is long term. d. All of the above are correct.
Which one of the following is not a condition for a successful water market?
a. Property rights must be clearly defined b. A system must be in place to resolve conflicts c. Transaction costs must be relatively high d. Water demand must exceed water supply e. Water must be physically transferable
Suppose the average interest rate on euro bonds is 4%, and the average interest rate on U.S. dollar bonds is 6%. Which should the investor choose?
a. neither-bonds have high default rates. b. both-an investor will choose some euro bonds and some U.S. bonds to diversify. c. the euro bond because their economies are usually more stable. d. It is not possible to answer without information on exchange rates.