If the multiplier is 5.25, then the MPC is
a. 0.19.
b. 0.68.
c. 0.81.
d. 0.84.
c
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In the following table, Ireland's opportunity cost of producing one unit of wheat is
Potatoes and Wheat Output (tons per hour)
| COUNTRY | POTATOES | WHEAT |
| United States | 4 | 2 |
| Ireland | 3 | 1 |
In the Boeing/Airbus oligopoly example discussed in the text, why did Boeing and Airbus have an incentive to produce more planes than the monopoly outcome?
What will be an ideal response?
Social returns to education are likely to be highest at the
a. primary level in mid-income countries b. secondary level in low-income countries c. tertiary level in high-income countries d. primary level in low-income countries
Under which of the following scenarios would a park be considered a public good?
a. Visitors to the park must pay an admittance fee, but there are always plenty of empty picnic tables. b. Vistors to the park must pay an admittance fee and frequently all of the picnic tables are in use. c. Visitors can enter the park free of charge and there are always plenty of empty picnic tables. d. Visitors can enter the park free of charge, but frequently all of the picnic tables are in use.