The table below shows the number of labor hours required to produce one umbrella and one bushel of corn in the United Kingdom and the rest of the world. What is the opportunity cost of producing a bushel of corn in the United Kingdom? Labor hours to make:In the United KingdomIn the Rest of the World1 umbrella3.002.001 bushel of corn1.000.25
A. Eight umbrellas
B. 1/8 of an umbrella
C. Three umbrellas
D. 1/3 of an umbrella
Answer: D
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Economic value of a transaction where the buyer is allowed to deal with several sellers at the same time will always be higher than a transaction which ties the buyer to a particular seller by contract
Indicate whether the statement is true or false
The president of the ________________________ holds a permanent seat on the FOMC
A) United States B) Federal Reserve District Bank of New York C) Federal Reserve District Bank of San Francisco D) U.S. Senate banking committee E) none of the above
An inverted yield curve is a valuable forecasting tool because:
A. investors are expecting higher short-term rates in the future, and this usually signals an economic slowdown. B. inverted yield curves signal better economic times are expected. C. the yield curve usually is inverted so it reflects a growing economy. D. the yield curve seldom is inverted and can signal an economic slowdown.
According to the graph, what quantity of domestic lumber will be supplied after a tariff of $0.50 per board foot is imposed?
A.1,100,000 board feet
B. 900,000 board feet
C. 700,000 board feet
D. 600,000 board feet