Refer to above figure. In the absence of trade, how many Widgets does this country produce?
What will be an ideal response?
60
You might also like to view...
An increase in the price level is defined as
A) a recession. B) a growth boom. C) inflation. D) an expansion.
If the market for maple syrup is perfectly competitive, then in the long-run equilibrium, firms are
A) entering the market. B) exiting the market. C) making zero economic profit. D) temporarily shutting down.
What are the main advantages and disadvantages of organizing a business as a corporation?
What will be an ideal response?
The tax increases necessary to fund future Social Security and Medicare benefit payments would be
A) small, but could discourage work effort, entrepreneurship, and investment, thereby slowing economic growth. B) large, but would have little effect on economic growth. C) large, and could discourage work effort, entrepreneurship, and investment, thereby slowing economic growth. D) small, and have little effect on economic growth.