Deb and Pete have volunteered to help their favorite charity mail out fundraiser information. The figure above shows their production possibilities frontiers for assembling packets and stuffing envelopes
What is Deb's opportunity cost of assembling 1 packet?
A) 4 envelopes
B) 4 packets
C) 160 envelopes
D) 1/4 of an envelope
E) 40 envelopes
A
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The U.S. historical evidence
A) generally supports the quantity theory of money in the long run. B) does not support the quantity theory of money. C) demonstrates that there is no correlation between the money growth rate and inflation. D) shows that a higher inflation rate causes an increase in the money growth rate.
The phenomenon of nonparticipation appears to be a permanent state
Indicate whether the statement is true or false
If price elasticity of demand is 2.0, this implies that consumers would
a. buy twice as much of the good if price falls by 10 percent b. require a 2 percent cut in price to raise quantity demanded of the good by 1 percent c. buy 2 percent more of the good in response to a 1 percent cut in price d. require at least a $2 increase in price before showing any response to the price increase e. buy twice as much of the good if the price drops 1 percent
Which of the following is the best example of an intermediate good?
a. a tire purchased by an auto company b. a new house purchased by a newly married couple c. grain sold to foreign farmers d. All of the above are intermediate goods.