Refer to the graph shown. Given the production possibility curve, the opportunity cost of reading 2 more articles when you are already reading 11 articles is on average:
A. 2 albums per article.
B. 3 albums per article.
C. 1/2 album per article.
D. 2/3 album per article.
Answer: A
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A country with an undervalued currency
A. will have a balance of payments deficit. B. will accumulate reserves of foreign currencies. C. will suffer losses of foreign reserves. D. must intervene in the foreign-exchange market to buy its own currency.
Given the table below, diminishing returns begin with the
A. 5th worker. B. 16th worker. C. 1st worker. D. 11th worker. E. 10th worker.
Government spending that changes automatically without action by Congress is
A. payments to contractors for routing services performed. B. national defense. C. a noncontrollable expenditure. D. discretionary payments.
Refer to the above figure. Suppose point A is the original equilibrium. If there is an increase in the money supply, the new short-run equilibrium is given by point
A. A. B. B. C. C. D. D.