Use the following table to answer the question below. Giovanni's Production Possibilities ScheduleRuby's Production Possibilities SchedulePounds of Green BeansPounds of CornPounds of Green BeansPounds of Corn0160032040120102408080201601204030801600400The terms of trade for 1 pound of green beans must lie between ________ and ________ pounds of corn.
A. 1, 8
B. 1, 4
C. 1/8, 1
D. 1/8, 2
Answer: A
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The product life cycle model says that comparative advantage in manufactured goods may move from one country to another as a product becomes more standardized
Indicate whether the statement is true or false
Seller A has an upward-sloping supply curve and is willing to supply 400 units of a commodity at a price of $5 per unit. Seller A is now willing to supply 500 units at a price of $5 per unit. Evidently, seller A has experienced a(n):
A. increase in supply. B. decrease in supply. C. increase in quantity supplied. D. decrease in the quantity supplied.
If the demand curve facing a monopoly was 1 unit at $7, 2 units at $6, 3 units at $5, 4 units at $4, and 5 units at $3, at the point along the curve where 3 units are being sold, the elasticity of demand: a. is greater than one
b. is equal to one. c. is less than one. d. cannot be determined from the above information.
John is maximizing utility when consuming two goods: French fries and hot dogs. If the marginal utility from the last box of fries John consumed is 60 and the marginal utility of the last hot dog John consumed is 120 and hot dogs cost $1.00 apiece, a box of fries must cost $0.50.
Answer the following statement true (T) or false (F)