The table above gives the production possibilities frontier for two countries, Anaconda and Bear. The opportunity cost of moving from ________ is greater for ________
A) point E to point D; Bear
B) point A to point B; Anaconda
C) point B to point A; Bear
D) point D to point E; Bear
E) any point to any other point; Bear
D
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Total planned expenditure is composed as
a. planned investment. b. planned government spending and taxes. c. total investment, total consumption, and government spending. d. planned investment, planned government spending, and planned taxes.
Price and total revenue move in opposite directions when demand is elastic
Indicate whether the statement is true or false
In Figure 1.9, as you move up the curve from point J toward point M, the slope
A. Increases. B. Decreases. C. Remains constant. D. Becomes negative.
Two nations, Alpha and Beta, can both produce steel. Alpha has a comparative advantage in the production of steel if it:
A. Can produce more steel than Beta B. Uses more steel than Beta C. Has a higher domestic opportunity cost of producing steel than Beta D. Has a lower domestic opportunity cost of producing steel than Beta