Between points b and c in the figure above, the opportunity cost of another bushel of corn is
A) 1 yard of cloth.
B) 1.25 yards of cloth.
C) 1.5 yards of cloth.
D) 2.5 yards of cloth.
B) 1.25 yards of cloth.
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A positive externality exists when
A. marginal social costs are less than marginal private costs. B. marginal social costs are greater than marginal private costs. C. marginal social benefits are less than marginal private benefits. D. marginal social benefits are greater than marginal private benefits. E. a and d
"Churning" refers to
A) changes in the real wage over the business cycle. B) changes in the markup over the business cycle. C) structural change associated with technological progress. D) the increase in productivity caused by an increase in output. E) the increase in output caused by an increase in productivity.
If receipts of factor income from the rest of the world exceed payments of factor income to the rest of the world, then
A. GDP equals GNP. B. GNP equals NNP. C. GNP is greater than GDP. D. GDP is greater than GNP.
Centrally planned economies tend to grow more quickly than market economies
Indicate whether the statement is true or false