Use the above table. Assuming constant opportunity costs, the opportunity cost of producing knives in country Alpha is ________, and the opportunity cost of producing knives in country Beta is ________
A) 2 forks; 0.33 knife
B) 0.5 knife; 3 forks
C) 1.5 forks; 0.25 fork
D) 0.67 fork; 4 forks
D
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Economic goods are items that
A) are used only by economists. B) provide satisfaction to users. C) cannot be sold at any price in the market. D) individuals would pay to get rid off.
Demand for the Brazilian real is
A) determined by how well the real maintains its value. B) a function of the Brazilian banking system. C) derived from the supply of U.S. dollars. D) derived from the demand for Brazilian goods.
Refer to Figure 17.2. Assume the economy is at point E and is constrained by the PPC shown. This economy
A. Can experience long-run growth by moving to point D. B. Can experience long-run growth by moving to point C. C. Can experience a movement to full employment by moving to point A. D. Cannot experience growth because it is constrained by the PPC.
The demand for labor curve is identical to the:
A. marginal revenue curve. B. marginal resource curve. C. total revenue curve. D. marginal revenue product curve.