Using the above table, what is the opportunity cost of moving from alternative C to alternative D?
A) 60 loaves of bread
B) 2 loaves of bread
C) 30 loaves of bread
D) 1/2 loaf of bread
A
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It is desirable to be in a? short-run equilibrium that coincides with? long-run equilibrium.
A. True B. False
Why do negative supply shocks present such a difficulty for the Federal Reserve?
a. the Fed can choose to fight the rising price level, but this will result in lower unemployment. b. the Fed can choose to fight the rising unemployment, but this will result in an even lower price level. c. the Fed can choose to fight the falling unemployment, but this will result in an even higher price level. d. the Fed can choose to fight the rising unemployment, but this will result in an even higher price level. e. the Fed can choose to fight the rising unemployment, but this will result in higher taxes.
The welfare loss created by monopolistically competitive markets:
A. is a hotly debated topic among economists. B. is a huge concern to governments. C. has a widely accepted form of measurement. D. is usually not a huge concern to governments.
Answer the following statement true (T) or false (F)
1) Products and services are scarce because resources are scarce. 2) An economy cannot produce at a point outside of its production possibilities curve because human economic wants are insatiable. 3) An economy cannot produce at a point outside of its production possibilities curve because human economic wants are insatiable. 4) The present choice of position on the production possibilities curve will not influence the future location of the curve.