In one week, Tetah can knit 15 sweaters or bake 480 cookies. The opportunity cost per sweater for Tetah is
a. $480
b. 480 cookies
c. 32 cookies
d. 1/32 of a cookie
e. 15 cookies
C
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How does social regulation differ from economic regulation?
What will be an ideal response?
In the circular-flow diagram, in the markets for
a. goods and services, households and firms are both sellers. b. goods and services, households are sellers and firms are buyers. c. the factors of production, households are sellers and firms are buyers. d. the factors of production, households and firms are both buyers.
If firms in a monopolistically competitive industry are earning economic profits, then in the long run
A. new firms producing close substitutes will enter the industry and this entry will continue until economic profits are eliminated. B. these firms can continue earning economic profits because entry into the industry is blocked. C. new firms producing the exact same product will enter the industry and this entry will continue until economic profits are eliminated. D. the government will most likely regulate firms in this industry to reduce these economic profits.
A bank allows us to diversify risk because it has a:
A. small amount of borrowers and savers, so it can connect the optimal saver to the best-matched borrower. B. big pool of borrowers and savers, so the risk of repayment is spread among many. C. big pool of borrowers, but not many savers, so it can choose the riskiest person to borrow from. D. small amount of borrowers, but many savers, so it can combine savings to make larger loans.