Suppose Ann can produce 8 units of a material good (M) or 4 units of a spiritual good (S) in a day, while Ben can produce only 3 Ms or 3 Ss in a day. Both Ben and Ann can potentially produce a larger combination of M and S if
A) Ann produces both M and S and Ben produces neither.
B) Ann specializes in M and Ben specializes in S and neither of them trade.
C) Ann specializes in S and Ben specializes in M and they exchange with one another.
D) Ann specializes in M and Ben specializes in S and they exchange with one another.
D
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Referring to Figure 19.2, the effect of an increase in Japanese prices is represented by a movement from point
A) d to c. B) c to d. C) a to d. D) a to b.
The slope of a vertical straight line is infinity
a. True b. False
About ____ of the world's population subsists on no more than $2 a day.
A. one tenth. B. one quarter. C. one third. D. one half.
If you earned an extra $2,000 and paid $400 in taxes on that income, what would your marginal tax rate be?
What will be an ideal response?