What is the opportunity cost of 1 ton of oranges for the nations of Argentina and Brazil, respectively?
A. .25 ton of apples and .5 ton of apples
B. 10 tons of apples and 4 tons of apples
C. .5 ton of apples and .25 ton of apples
D. 4 tons of apples and 2 tons of apples
C. .5 ton of apples and .25 ton of apples
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During a recession, the quickest way for the government to increase economic output would be to
A. increase government purchases and reduce taxes. B. reduce government purchases and increase taxes. C. reduce government purchases and reduce taxes. D. increase government purchases and increase taxes.
Which of the following is NOT a characteristic of long-run equilibrium in monopolistic competition?
A) The firm earns zero economic profit. B) Price is equal to average total cost. C) Production occurs at minimum average total cost. D) Marginal revenue is equal to marginal cost. E) Price exceeds marginal revenue.
Hurricane Katrina destroyed oil and natural gas refining capacity in the Gulf of Mexico. This subsequently drove up natural gas, gasoline, and heating oil prices. As a result, this should
A) move the economy down along a stationary short-run aggregate supply curve. B) shift the short-run aggregate supply curve to the right. C) move the economy up along a stationary short-run aggregate supply curve. D) shift the short-run aggregate supply curve to the left.
The struggles and controversies over federal and state powers led to the demise of both the First and Second Bank of the United States
Indicate whether the statement is true or false