The table below shows the number of umbrellas and bushels of corn produced in the United Kingdom and the rest of the world per labor hour. The opportunity cost of producing a bushel of corn in the United Kingdom is ProductivityIn the United KingdomIn the Rest of the WorldUmbrellas per labor hour0.251.00Bushels of corn per labor hour0.500.67
A. 1/2 of an umbrella.
B. two umbrellas.
C. 2/3 of an umbrella.
D. three umbrellas.
Answer: A
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A monopolistically competitive firm will tend to have a more elastic demand curve than a monopolist because:
A. The monopolist can more easily achieve abnormal profits. B. The monopolist makes a more "unique" product. C. The monopolístically competitive firm faces more competition. D. Both B and C
Which of the following is consistent with the law of demand?
A. A decrease in the price of tacos causes sellers to want to sell less B. An increase in the people's craving for pizza causes buyers to buy more pizza C. An increase in the price of hamburgers causes buyers to buy fewer hamburgers D. A decrease in the price of egg rolls causes a decrease in the quantity of egg rolls demanded
When the economy is at full? employment, which types of unemployment? remain?
What will be an ideal response?
An example of business fixed investment spending is
A) a purchase of a home by a household. B) a purchase of a computer by an accounting firm. C) a purchase of a bond by General Electric Corporation. D) $200 million of unsold cars at a car dealership.