If the law of increasing opportunity costs is operable, and currently the opportunity cost of producing the 101st unit of good X is 5Y, then the opportunity cost of producing the 201st unit of good is X is most likely to be
A) less than 5Y.
B) more than 1/5Y but less than 5Y.
C) more than 5Y
D) less than 1/5Y but more than zero.
C
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Which of the following is the most important source of tax revenue for state governments?
A. Personal income tax B. Property taxes C. Corporate income tax D. Sales and excise taxes
Economic growth is a sustained expansion of production possibilities measured as the increase in ________ over a given period
A) capital per person B) population C) real GDP D) real GDP per person E) the standard of living
Which one of the following industries is best classified as an oligopoly?
A) textbook publishers B) retailing C) wheat farms in the United States D) fast food restaurants
A bank faces foreign exchange risk when:
A. it has branches in other countries. B. it lends to foreign borrowers because they are less likely to repay a U.S. bank. C. it has assets denominated in one currency and liabilities in another. D. foreign governments restrict dollar-denominated payments.