China's economy did not decline at all during its transition from communism to capitalism
Indicate whether the statement is true or false
TRUE
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Refer to Figure 2-14. What is the opportunity cost of producing 1 snow cone in Greenland?
A) 2/3 of a popsicle B) 5/6 of a popsicle C) 1 1/5 popsicles D) 200 popsicles
Positive economics
A) always gives an optimistic spin to economic news. B) is concerned with the economic policies that should be implemented. C) is objective. D) was not used by nineteenth century economists.
When market exchange occurs voluntarily in a competitive market
a. choice incurs no opportunity cost b. the sum of consumer surplus and producer surplus is maximized c. both consumer surplus and producer surplus are eliminated d. buyers benefit at the expense of producers e. the exchange confers no net benefit to the participants
inflation is
What will be an ideal response?