The absolute value of the slope of the production possibilities frontier at the production point provides a measure of both the relative price of S in terms of T and the opportunity cost of producing one more units of S calculated in terms of output
of T foregone. Indicate whether the statement is true or false
TRUE
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Refer to Figure 4-8. Suppose that instead of a rent ceiling, the government imposed a price floor of $2,000 per month for apartments. What is the quantity of apartments demanded at the new price?
A) 0 B) 200 C) 300 D) 500
Which of the following demonstrates the law of supply? a. When leather became more expensive, belt producers decreased their supply of belts
b. When car production technology improved, car producers increased their supply of cars. c. When sweater producers expected sweater prices to rise in the near future, they decreased their current supply of sweaters. d. When lemon prices rose, lemon growers increased their quantity supplied of lemons.
Refer to the information provided in Table 31.2 below to answer the question(s) that follow.Table 31.2PeriodQuantity of Labor (L)Quantity of Capital (K)Total Output (Y)1 50 50 2002 50 60 2153 50 70 2254 50 80 230Refer to Table 31.2. During Period 1, labor productivity is equal to
A. 0.25. B. 1.0. C. 2.0. D. 4.0.
Refer to the information provided in Figure 34.2 below to answer the question(s) that follow.
Figure 34.2Refer to Figure 34.2. The dollar is currently at Point A. A depreciation of the euro causes a movement to Point
A. E. B. B. C. C. D. D.