The table above shows a nation's production possibilities frontier. The opportunity cost of a robot between combination D and E is
A) 1/4 of a pizza.
B) 34 pizzas.
C) 30 pizzas.
D) 4 pizzas.
E) undefined because neither point is production efficient.
D
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The term to describe one currency in terms of another is called
a. The interest rates b. The market price c. The inflation rate d. The exchange rate
To manufacture 1,000 pairs of shoes in a week, a firm must use at least 1,500 workers and 5 machines or 100 machines and 150 workers. Which method can be technically efficient?
A. 1,500 workers and 5 machines B. 150 workers and 100 machines C. Both D. Neither
Exhibit 9-1 A monopolistic competitive firm
?
In the long run, the demand curve for the monopolistic competitive firm shown in Exhibit 9-1:
A. shifts leftward. B. remains the same. C. shifts rightward. D. becomes more inelastic.
Which of the following statements best answers the question of how burdensome overall taxation is in the United States?
A. An excise tax is a sales tax on a particular good or service. B. The largest source of revenue for the federal government is individual income taxes. C. Countries that tax more heavily are expected to provide more public services. D. By international standards, U.S. citizens are among the most lightly taxed people in the industrialized world.