Refer to the graph below.
Laura's production possibility curve for math and economics problems in one night is shown in the graph. Her opportunity cost of finishing six math problems instead of four math problems is:
A. one economics problem.
B. three economics problems.
C. four economics problems.
D. two economics problems.
Answer: A
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In the short run, the fixed costs of a firm:
A. can sometimes be avoided in the short run. B. are irrelevant in deciding whether to shut down production. C. are equal to zero when quantity produced is zero. D. are all the costs it incurs when it produces some positive quantity.
Spending VCU4 on real-world goods and services causes the nation's:
a. Demand for real goods and services to remain the same and monetary base to remain the same. b. Demand for real goods and services to remain the same and M2 money supply to fall. c. Demand for real goods and services to rise and M2 money multiplier to remain the same. d. Demand for real goods and services to rise and M2 money supply to rise.
In most countries today, many goods and services consumed are imported from abroad, and many goods and services produced are exported to foreign customers
a. True b. False Indicate whether the statement is true or false
When a country abandons a no-trade policy, adopts a free-trade policy, and becomes an importer of a particular good,
a. producer surplus increases and total surplus increases in the market for that good. b. producer surplus increases and total surplus decreases in the market for that good. c. producer surplus decreases and total surplus increases in the market for that good. d. producer surplus decreases and total surplus decreases in the market for that good.