For a country in autarky, the opportunity cost of the good on the horizontal axis is the same as
A) the relative price of the good on the vertical axis.
B) the relative price of the good on the horizontal axis.
C) the opportunity cost of the good on the vertical axis.
D) the nominal price of the good on the horizontal axis.
B
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If the quantity of money increases, the
A) price level rises and the AD curve does not shift. B) AD curve shifts leftward and aggregate demand decreases. C) AD curve does not shift and there is a movement upward along the curve. D) AD curve shifts rightward and aggregate demand increases.
Which of the following statements best reflects a price-taking firm?
a. If the firm were to charge more than the going price, it would sell none of its goods. b. The firm has an incentive to charge less than the market price to earn higher revenue. c. The firm can sell only a limited amount of output at the market price before the market price will fall. d. Price-taking firms maximize profits by charging a price above marginal cost.
A firm that does business in many different countries is called a __________________.
Fill in the blank(s) with the appropriate word(s).
What is the main purpose of the Federal Open Market Committee (FOMC)?
What will be an ideal response?