Refer to Table 2-5. What is Estonia's opportunity cost of producing one cell phone?
A) 0.2 board feet of lumber B) 5 board feet of lumber
C) 8 board feet of lumber D) 32 board feet of lumber
B
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Answer the following statement(s) true (T) or false (F)
1. The term price as used in microeconomics refers to the absolute price of a commodity. 2. The relative price of bread in terms of wine is the amount of wine which can be traded in exchange for a loaf of bread. 3. When relative prices are measured in terms of dollars, the term dollar refers to currency. 4. When absolute prices are measured in terms of dollars, the term dollar refers to currency. 5. Relative prices cannot fall when absolute prices are rising.
When a firm adopts new technology, generally its
A) cost curves shift upward. B) cost curves shift downward. C) cost curves are unaffected. D) supply curve shifts leftward. E) production permanently decreases.
Which one of the following does NOT explain why the aggregate demand curve is downward sloping?
A. The real balances effect B. The entropy effect C. The foreign purchases effect D. The interest rate effect
Stagflation is:
A. low economic growth, despite low inflation and low unemployment. B. high inflation along with low economic growth and high unemployment. C. high unemployment, despite low inflation and low economic growth. D. high inflation despite low economic growth and low unemployment.