Refer to Figure 18.2. In autarky, the maximum amount of spears that Macadamia can produce is
A) 40. B) 100. C) 120. D) 160.
B
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Refer to Figure 2-11. What is the opportunity cost of producing 1 pound of cashews in Pakistan?
A) 3/8 of a bolt of cotton B) 5/8 of a bolt of cotton C) 1 3/5 bolts of cotton D) 240 bolts of cotton
Joe's income is $500, the price of food (F) is $2 per unit, and the price of shelter (S) is $100. Which of the following represents his marginal rate of transformation of food for shelter?
A) -5 B) -50 C) -.02 D) None of the above
When the government has a budget surplus
a. it buys more of its bonds from the public than it sells to the public. b. it spends more than it receives in tax revenue. c. private saving is greater than zero. d. exports are greater than imports.
When paired with investment, research and development is likely to ______.
a. improve productivity and economic growth b. lower the standard of living c. curtail labor productivity and growth d. reduce the importance of physical capital