Second hand cigarette smoke is an example of a(n)
A. economy of scale.
B. public good.
C. government failure.
D. externality.
Answer: D
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If a farmer’s opportunity cost of producing 50,000 bushels of wheat is 20,000 fewer bushels of soybeans, then his or her opportunity cost of producing 50,000 bushels of soybeans must also be 20,000 fewer bushels of wheat.
Answer the following statement true (T) or false (F)
As an economic expansion approaches its peak, it is very likely that real GDP will
A) exceed nominal GDP. B) exceed potential GDP. C) equal nominal GDP but not potential GDP. D) be less than potential GDP. E) equal nominal GDP and equal potential GDP.
A principal reason that purchasing power parity does not hold exactly in practice is
A) that foreign and domestic assets are not perfect substitutes. B) the existence of non-traded goods. C) that consumers in different countries have different preferences. D) that costs of production are not the same in all countries.
One of the remedies that has been used in the case of antitrust violations is the award of treble damages to the party that has been harmed
a. True b. False