Refer to Figure 2-12. What is the opportunity cost of producing one gallon of honey in Tahiti?
A) 1 1/3 gallons of milk B) 0.9 gallons of milk
C) 5/6 of a gallon of milk D) 1.2 gallons of milk
C
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People who can earn higher market wages
a. have a greater net utility associated with nonmarket work b. supply more hours to market work than people with lower wages c. are less likely to perform nonmarket work d. are more likely to view leisure as an inferior good e. experience less disutility associated with market work
The government of Italy will not allow any Hard Rock Cafe restaurants to open in Italy. Defenders of the efficiency of brand-name markets would argue that this has hindered restaurant market efficiency in Italy
a. True b. False Indicate whether the statement is true or false
The profit motive drives entry and exit decisions.
Answer the following statement true (T) or false (F)
The real, bilateral exchange rate is the:
a. Weighted-average value of a currency relative to many foreign currencies. b. Value of one currency in terms of another currency. c. Nominal, bilateral exchange rate adjusted for the international price levels of the two countries. d. Nominal, effective exchange rate adjusted for a nation's price level relative to many foreign countries' prices.